Financial Management Assessment
Financial management is one of the most critical aspects of an organization. Managing your finances, accounting and compliance during tax time with correct organizational filings for your enterprise and the personnel is critical.
The Cristo Plus financial assessment takes you through a series of questions to evaluate your current requirements, validate your accounting and financial practices, and help you with ideas for optimizing your accounting workflows and possibly even automate some accounting processes based on your business transactions and operational needs.
A financial statement audit is an engagement performed by an independent Certified Public Accountant to provide assurance that your financial statements are reported in accordance with accounting principles generally accepted in the U.S. C’S|3 certified public accountants, provide audited financial statements to businesses, nonprofit organizations and government agencies. Each audit is customized to meet the needs of the organization. However, the overall approach to every audit is the same.
Engagement Acceptance
The American Institute of CPAs recommends that an auditor evaluate the risks associated with each engagement. Therefore, a C’S|3 consulting auditor inquires about any special circumstances, the integrity of management, and pending lawsuits before performing a basic assessment or a full-fledged audit based on the nature of engagement. During this phase, C’S|3 auditors will also evaluate the staffing needed to complete the engagement and determine that each accounting auditor staff member is able to maintain an independent viewpoint while performing the engagement. Once C’S|3 The auditor decides to accept the engagement, an engagement letter is prepared that details the timing, responsibility, and cost of the audit.
Planning
C’S|3 Auditing standards require that an auditor prepare adequate planning for an engagement. The amount of audit planning needed is in direct relation to the size and complexity of your organization. C’S|3 Audit planning involves obtaining an understanding of the organization’s business and industry, performing trend and ratio analysis, documenting your entity’s process of internal control, and assessing the risks of misstatements in s financial statements. C’S|3 auditor utilizes the results of the planning process to determine the timing and extent of audit testing.
Audit Tests
During the fieldwork process, C’S| audit consultants spend time with your organization’s offices and perform tests of financial data. For instance, a CPA selects a random sample of hundred disbursements to ensure checks are payable to the correct vendor and are written for the correct amount. In addition, your engaged C’S|3 auditor reviews the invoices associated with the disbursement to ensure the expenses are classified correctly and that the vendor actually exists. Depending on the results of the planning process, the auditor performs a variety of tests on financial statement accounts.
Account Analysis
During the account analysis process, the C’S|3 auditor ensures that financial statement account balances are supported by underlying documentation and analysis. A C’S|3 CPA evaluates the results of tests and reviews management’s responses, as well as the accounting team’s responses to inquiries and records the audit-adjusting journal entries. A C’S|3 auditor also documents reasons for large changes in accounts from year to year and performs any necessary research after approvals from your leadership regarding requirements under generally accepted accounting principles.
Reporting
C’S|3 CPAs will issue an opinion on audited financial statements as to whether the financial statements are presented in accordance with accounting principles generally accepted in the U.S. The opinion is issued on the Independent Auditor’s Report. Furthermore, the C’S|3 Auditors may also draft the basic financial statements and the accompanying notes for the organization’s management. The C’S|3 auditor also issues a report on any weaknesses found in the entity’s internal control process. C’S|3 auditors will also connect you with our accounting platform experts to guide you to a low-cost accounting system that will optimize your insights to your business, financial statements, and reporting requirements.
Summation
C’S|3 auditors are required to retain, secure, accurate proper documentation regarding the audit. The final step is ensured by obtaining signatures from management regarding management’s responsibility for the information reported in the financial statements. The information is retained by the CPA’s shared with your organizational financial and accounting leadership and your seasoned auditing/accounting firm should lawsuits occur regarding reported amounts and for a future account analysis.