Audit Services: Audit
Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company. Keegan, Linscott & Kenon, PC provides three levels of assurance to meet your needs.
Audit—Highest Level of Assurance
An audit is a methodical review and objective examination of financial statements, including verification of specific information as determined by the auditor or established general practice. Our work includes a review of internal controls, testing of selected transactions, and communication with third parties. Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements.
An Audit allows you to...
Satisfy stakeholders such as employees, customers, suppliers and pressure groups, as well as the investing community, as to the credibility of published financial information.
Facilitate the payment of various taxes on time and accurately, thereby avoiding interest, penalties, and investigations.
Comply with banking covenants.
Help deter and detect material fraud and error.
Facilitate the purchase and sale of businesses.
You get the highest level of assurance because we also examine outside your company.
Typically, we'll have written communication with:
Your customers, to check outstanding receivable balances.
Your banks, to confirm cash or debt balances and terms.
Your vendors, to verify outstanding payable balances.
Your attorneys, for information on pending or threatened legal action.
We also perform physical inspections by observing your inventory counting methods and performing test counts. We document and test each operating cycle, including sales and cash receipts, expenses and cash disbursements, and payroll. Our audit papers include a detailed work program to document the examinations and testing performed, as well as the client's supporting work papers.
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