Audits

Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company.

Your stockholders, creditors, or private investors have different levels of risk tolerance, so we provide three levels of assurance to meet your needs.

Audit - Highest Level of Assurance

An audit provides the highest level of assurance. An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by 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 information.
  • Facilitate the payment of corporate tax, goods and services tax, and other 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.

Here's what you get...

You get the highest level of assurance because we go outside your company to obtain more information. 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, and
  • Your attorneys, for information on pending or threatened legal action.

We also perform physical inspections by observing your inventory counting methods and perform test counts. We document and test each operating cycle, including revenue 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.

Types of Audits we provide

  • Financial Statement
  • Single Audit/Uniform Guidance
  • Yellow Book
  • Pension

Audits Not Just for Public Entities

All public companies are required to have an annual audit, but some nonpublic entities must undergo an annual audit as well. These include nonprofit agencies and other organizations receiving government grants.

Moreover, some financial institutions require audits of nonpublic companies based on the financing amount and/or the bank's assessment of the company's risk.


Get In Touch

At Gilmore & Associates, LLP, we've been serving the accounting needs of San Mateo, CA and the surrounding areas for years. If you need help managing any aspect of your home or business's finances, we want to hear from you.

Please fill out this form and let us know how we can be of service.

Thank you for visiting. We look forward to working together!

Gilmore & Associates, LLP

411 Borel Ave., Suite 501,
San Mateo, CA 94402
T: (650) 432-6110
F: (650) 432-6116
E: info@gilmorecpa.com

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