Financial Statement Audits
We believe that an audit represents more than just attestation on financial statements — to us, it’s an opportunity to analyze your performance, uncover risk, explore opportunities to save you money, and offer specific suggestions for improving operations and/or profitability.
Overview of Bonadio's Audit Approach
Perform General Planning and Identify Areas of Audit Significance
- Establish client service and other planning objectives
- Update our understanding of our client's business and industry
- Perform overall assessment of the control environment
- Make preliminary judgments regarding materiality
- Determine significant accounts or groups of accounts
- Identify the sources of information that affect these accounts
- Prepare the audit planning memorandum
- Determine appropriate timing for performing each phase of the audit
Understand and Evaluate the Significant Sources of Information
- Identify the significant information and data processes
- Gain an understanding of the processes
- Consider what could go wrong (i.e., the types of errors)
- Identify and evaluate the relevant controls
Perform Risk Assessments
- Assess the likelihood of errors of audit significance in related accounts
Develop and Execute Audit Plan
- Develop the audit approach including timing and scope of work for each significant account or group of accounts
- Prepare programs for tests of controls and substantive tests
- Perform tests of the relevant controls
- Perform substantive tests of account balances
- Make final evaluations based on the results of the tests
The combination of exceptional service, extraordinary results, reasonable fees and the breadth and depth of insights we deliver has made Bonadio the firm of choice for the financial statement auditing needs of a significant number of government, tax-exempt and medium-to large-sized privately held companies. Outside of the Big 4, no CPA firm in upstate New York handles more audits.
We audit organizations and firms that have local, multi-state and international operations. Bonadio offers just the right balance of size, local authority, engagement resources, technical resources, proximity and reasonable fees.
We have a strong and continual commitment to quality and education, and dedicate significant professional resources necessary to ensure that our clients receive the highest possible quality of attestation services and deliverables.
Overview of Other Auditing Services
In addition to financial statement audits, we provide a wide variety of other types of audits, including:
