Do I Need a Financial Audit?
Before we recommend a financial audit, we focus on asking the right questions. Our team of auditors seeks to understand the goals and vision that you and your management team have for your business. It helps us to be sure that audited financial statements are the best tool to achieve those goals.
In many cases, a certified financial audit is simply required to satisfy bank loans, franchise agreements, financial investors or purchase due diligence by an outside party. Beyond situations where they are required, how can your business benefit from audited financial statements?
Having our team audit, review or compile the financial statements provides the opportunity to bring various items up to date, such as the fixed assets schedule, ownership basis, and other factors that can increase the value of a business and reduce its tax liability.
An audit performed by our team with expertise in your industry will help you stay up-to-date on tax, accounting and legal issues. Compliance with payroll, sales tax and related matters can prevent expensive surprises that reach back several years.
If fraud is detected, the appropriate personnel are notified. The primary goal of an audit is related to financial statement presentation, not fraud detection. But, in response to recent events, CPAs determine the potential for, or the actual occurrence of fraud. Prevention and reduced exposure to fraud directly protects the bottom line.
An annual audit produces a management letter. This letter includes detailed suggestions for improvements in the financial management of your business. Our clients find the management letter as beneficial as the audited financial statements themselves.
Peace of mind. Owners need an effective method to verify and summarize the financial health of their business. This understanding, ultimately, helps you as the business owner or management team make better decisions using reliable, timely financial information.
Answering whether a financial audit is right for your business depends on several factors. At DSB Rock Island, finding that answer starts with an open conversation about the goals and requirements of your financial statements. We create a tailored, cost-effective solution that gives your business the right blend of assurance and accuracy so you can be confident in your numbers.
Contact Us
Contact DSB Rock Island today to learn how we can recommend the best accounting software for your needs to save time and money as you grow your business. Our responsive and proactive advisors are ready to help you take the next step.
