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Why you might need an audit of your financial statements

audit guy [1]There are many benefits to having an audit of a Company’s financial statements especially for privately held businesses with revenue over $1,000,000.  An audit provides the highest level of assurance that a Company’s financial statements are fairly stated (in all material respects).  This assurance is provided by independent third party.  Audited financial statements in accordance with accounting principles generally accepted in the United States of America include accruals such as accounts receivable and accrued liabilities not included in certain tax basis financial statements. This gives interested parties a better idea of a Company’s financial position.

Here are a few reasons business owners and managers come to ShindelRock for an audit of their financial statements:

Of course there are many instances in which audited financial statements are required such as: certain debt requirements, board requirements and a long list of regulatory requirements. The above benefits of having an audit apply to these companies too.

Another option for companies not required to have an audit is to obtain reviewed financial statements.   We detail the difference between a review, compilation, and an audit here [2].

If you think your business may require an audit or would like the peace of mind that a financial statement audit brings, contact a member of the ShindelRock audit team [3].