Certified Public Accountant

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Non Profit Audit, Not for Profit Audit,  Governmental Audit, Compliance Audit, Internal Control Audit,  Financial Audit

​audit of financial statements,  internal auditor, financial auditor, external auditor

Some financial institutions also require periodic audits/reviews of nonpublic companies based on the financing amount, loan covenants and/or the bank's assessment of the company's risk. Also, companies with absentee ownership (such as those owned by investment firms, or individuals who no longer run the business) may order audits as checks of their management teams.

Non Public Entity Audit Requirement

Public companies are required to have an annual audit, however some nonpublic entities must undergo an annual audit by law. Some of these entities include NOT-FOR PROFIT, governmental entities and organizations receiving governmental grants. 

The auditing process also involves performing physical inspections and observing your inventory counting methods. We also perform test counts of inventory.We also obtain an understanding of your internal control. While documenting and testing each operating cycle, including cash receipts, expenses and cash disbursements as well as sales and payroll cycles. Our audit papers include a detailed work program to document the examinations and testing performed, as well as the client's supporting work papers.The audit services are a comprehensive review of financial statements. We issue an opinion on these financial statements that gives a reasonable assurance on their presentation.

Understanding the audit process...  

We provide highest assurance levels because we request verification of details from third parties  Typically, parties that we have written communication include:


  • Banks - For confirmation of cash or debt balances, outstanding loans and loan terms.
  • ​Customers - To check outstanding receivable balances
  • Vendors - To confirm outstanding accounts payable balances
  • ​Attorneys - To confirm that there are not any pending, threatened legal actions.
  • Satisfy  customers, employees, investors, pressure groups, as well as suppliers about credibility of published information.

  • Ensure payment of corporate tax, goods and services tax, and other taxes on-time and accurately, hence minimizing interest, penalties, and investigations.
  • ​Compliance with banking and loan covenants 
  • ​Discourage, deter and detect material  fraud and error
  • ​Facilitate business acquisition, business merger and sale of business

Purpose of an Audit...

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.

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

These are statements prepared by management in accordance with US GAAP and signed off by a CPA that they are reasonably accurate. A Certified Public Accountant gains and understanding of the internal controls of the business and audits financial statements to assure that they are reasonably accurate. 
Certified Financial Statements / Audited Financial Statements   

Gary Mehta, CPA, EA

Keywords Associated with this page - Audited Financial Statements, Financial Audit, Certified Financial Statements,