Audit & Assurance

An audit provides a high level of assurance that financial statements are free from material misstatement, based on comprehensive testing and evidence gathering. A review provides limited assurance, primarily through analytical procedures and inquiries, without the detailed testing performed in an audit. The level of assurance and the procedures performed are the key differences.

The frequency of audits depends on various factors including regulatory requirements, stakeholder expectations, and business needs. Many businesses conduct annual audits to coincide with their financial year-end, but some may require more frequent audits due to specific industry regulations or investor requirements.

The duration of an audit varies based on the size and complexity of your business, the condition of your financial records, and the scope of the audit. A typical audit for a small to medium-sized business might take 2-4 weeks from planning to final reporting, while larger or more complex organizations may require several months.

You'll typically need to provide financial statements, general ledger details, bank statements and reconciliations, accounts receivable and payable listings, inventory records, fixed asset registers, payroll information, contracts and agreements, board minutes, and other supporting documentation relevant to your financial transactions and disclosures.

We strive to minimize disruption to your business operations during the audit process. With proper planning and communication, most of our work can be conducted with minimal impact on your day-to-day activities. We'll work with you to schedule meetings and information requests at convenient times and may be able to perform some procedures remotely.