An audit provides the highest level of assurance on a company’s financial statements. It is an objective examination of evidence, on a test basis, supporting the amounts and disclosures in the financial statements, conducted in accordance with auditing standards generally accepted in the United States of America. It provides reasonable assurance that the company’s financial statements are fairly presented and free of material misstatement.
An audit can be useful in many ways for your business, including:
- Inform investors, lenders, and stakeholders
- Comply with bank covenants
- Facilitate purchase or sale of a company
- Provide reasonable assurance for absentee owners