Financial Statement & Compliance Audits


 
Comprehensive audit services fulfill any audit request.
 
An audit is an integral part of business success, providing evidence to stakeholders that financial results are reported in accordance with applicable standards. We continue to expand our audit practice by attracting national firm talent eager to provide comprehensive, high quality service offerings to clients, not just at audit time but year-round. Our auditing services are delivered by a team of professionals, all possessing broad business and audit experience, under the direction of an audit services partner. For best results, our approach is flexible, risk-based and focuses on key areas as determined by the judgment of the service team.

Fesnak brings many strengths to the table, not the least of which is that we work in partnership with our customers. We spend time with management throughout the year, understanding risk areas, developing a sense of your business so you'll know what to expect ahead of time instead of having to react to what we find. The result: an internally efficient process for you, a report that meets your deadline, more effective accounting function, and confidence in the process.

The key strengths to our approach include:

  • Meeting with management prior to fieldwork to discuss concerns, changes and developments in the company’s accounting policies, as well as the audit timetable and deliverables.
  • Identifying issues and areas that are subject to judgment early in the audit so they can be addressed in a timely manner. Some core issues could include new or proposed accounting pronouncements.
  • Customize audit procedures based on risk factors.
  • Perform fieldwork – both prior to and after year end.
  • Discuss with management the use of their personnel during the audit process.
  • Develop appropriate audit procedures.
  • Keep management apprised as to the status of the audit through periodic meetings and open lines of communication.
  • Prepare a management letter on controls and other comments to better improve the financial and operating processes.
  • Meet with management and the company's audit committee and/or board of directors to discuss the results of the audit and the management letter.

Not just an audit
We see audit as more than numbers and compliance, we see it as an opportunity to help clients better understand their financials and how they impact the business. Our understanding of a company's business from a financial and operational standpoint allows us to generate meaningful business insight. This includes not only comments regarding how to improve accounting policies and procedures, but also advice from a business standpoint, offering operational suggestions for efficiency and effectiveness that help lead to long-term success.

When it makes sense to perform an audit:

  • You need a high level of assurance on your company's financial statements or an opinion as to whether your financial statements present fairly, in all material aspects, the financial position and results of operations, in order to meet banking requirements, governmental regulations, or for a potential acquisition.
  • As a business owner, you want the peace of mind that your records are in sound order given the world's complex accounting issues, convergence into global accounting rules, and higher levels of fraudulent activity.
  • You need to satisfy the stakeholders of your company such as investors, key suppliers and/or others as to the credibility of reported information.