At Whyte & Associates, Inc., we have the expertise to handle audits for individuals, businesses, and nonprofits alike from across the greater Rancho Cucamonga, Ontario, Upland, and Claremont areas in California. Our expertise extends to statutory audit services.
These services involve a third-party professional (us) examining your financial records objectively to ensure they are accurate, fair, and comply with laws relevant to your industry and area, and with accounting standards. In turn, our findings function as an “official report” for shareholders and regulatory bodies, building both trust and transparency in the financial reporting process. In addition to verifying financial statements, this service also provides valuable insights into your organization’s internal controls and procedures. It can also be used to identify risks that need to be addressed, enhance governance, and support better decision-making.
It depends on your organization. Such examinations of your finances are generally a legal requirement for publicly listed companies, bigger private companies, and those businesses within certain types of industries. These industries are heavily regulated, such as financial institutions and insurance companies. There are specific “triggers” for when your organization would be subject to such an audit, and we can ensure you are complying with any/all requirements based on your company’s revenues, assets, employee/workforce size, and more, as relevant.
The process largely starts with our audit professionals getting to know your business, industry, and internal systems. We take pride in our close relationships with clients and in our ability to identify and understand their needs – characteristics that enable us to deliver the most accurate, fair, and compliant results. At this planning stage, we also conduct a risk assessment to identify potential material misstatements, which are significant, unintentional, or intentional errors that could have disastrous consequences for your business.
Once a detailed audit plan has been developed, we initiate the process by testing controls. This is our way of verifying if the processes or controls designed to prevent errors are actually working. We accomplish this by reviewing documents, observing the processes “in action,” and interviewing employees. Such “fieldwork” also involves a substantive or in-depth examination of financial data, which includes verifying invoices and ledgers against recorded amounts and confirming balances with customers, vendors, and other third parties.
At the evaluation and reporting stage, our auditors assess the findings mentioned above. We then form an opinion about the fairness and compliance of the financial statements with generally accepted accounting standards. Our opinion, significant issues, and recommendations are all included within the official audit report. Follow-up is a critical part of the process, as it provides an opportunity to address all recommendations and improve controls. The final step typically involves filing the audited financial statements and reporting our findings to the relevant regulatory bodies.
We offer a range of audit services to safeguard your organization and support its long-term sustainability and health. Whether an income tax audit is required or you desire internal or performance audits to enhance your organization’s effectiveness and efficiency, our team in Rancho Cucamonga, CA, is here for you, just as we have been for many other thriving businesses for 70 years.
The depth of our expertise is also evident in our credentials, including our in-house Enrolled Agents. This is the highest distinction bestowed by the U.S. Department of the Treasury to tax professionals and allows us to act as representatives at every administrative level of the IRS.
Our team looks forward to getting to know your team – call (909) 575-0080 today.
