Audits & Reviews
Trust Richmond CPA With Your Audit and Review Needs
Audits and reviews are crucial for businesses to ensure financial accuracy, credibility, and compliance. Is your business as ready for an audit? Richmond CPA is here to help. Contact us today to discuss how we can help your business make informed decisions and remain compliant.
Audit Services
An audit is a detailed review of your financial statements, accounting records, and internal controls. The goal is to ensure your business has accurate financial records and complies with accounting laws and standards.
You don’t have to be an auditing expert; you can hire one instead. Richmond CPA can provide comprehensive audit services for a range of audit types, including:
Our audit process for our customers is comprehensive for your peace of mind:
1. Plan and Perform a Risk Assessment
The planning and risk assessment part of an audit involves understanding your business, the risks it can face, and the scope of the work.
2. Review and Examine
Richmond CPA will review your financial statements, controls, and transactions.
3. Verify and Confirm
During the verification and confirmation part of the auditing process, we will cross-check your records with external sources like suppliers and bank statements.
4. Report
Richmond CPA composes an audit report after a comprehensive review of your financial statements, records, and controls. This report includes our findings so you can make a well-informed decision about the actions you take for your business going forward.
Review Services
Our review services involve reviewing financial statements. It’s less detailed than an audit but is still comprehensive. Reviews focus on analytical procedures and management queries. They also allow us to identify changes that need to be made to comply with accounting standards.
Our review process involves:
Understanding Your Business
We get to know your business and evaluate the industry and its financial trends.
Inquiring and Analyzing
We discuss financial data with business management and conduct trend analysis.
Testing
We review key account balances.
Report Reviewing
After understanding your business and reviewing its financial decisions, we can provide a conclusion for your business on whether you need to adjust your financial statements.
Should My Business Request a Review or Audit?
We provide both audits and reviews for our clients in Dallas-Fort Worth, Texas, and throughout the United States. Whether you request a review or audit can depend on factors like your budget, the level of assurance you need, and your legal requirements.
You may request an audit if:
You may discuss your need for a review if: