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Stockholders, creditors, banks and private investors often need assurance that the financial statements accurately represent the true financial position of a company, hence the need for financial statement audits,
Mr Cullinane has significant audit experience having performed certified audits for Coopers & Lybrand, Amper and his own company. His audits have included several Johnson& Johnson subsidiaries, Bell Labs and many smaller companies for Amper, now Esiner & Amper, & his own CPA company. . We have proformed certified audits in the following industries: service, manufacturing, banking, checkcashing, construction, churches, and telecommunications.
Certified Financial Statements - Highest Level of Assurance
The objective on an certified financial audit engagement is to enable independent professional cpa's to express an opinion. The work includes a review of internal controls, testing of selected transaction and communication with third parties.
The report states that the financial statements present fairly, in all material respects, an entity's financial position, results of operation,and cash flows in conformity with generally accepted accounting standards. This conclusion may be expressed only when the auditor has formed such an opinion on the basis of a certified audit performed in accordance with generally accepted auditing standards.
The degree of assurance with a audit review is less than a certified audit but greater than a compilation
The objective of a review engagement is to prepare and review financial statements to ascertain whether they are plausible, that is, worthy of belief. If after reviewing the financial statements the accountants are satisfied that the financial statements are not misleading, the cpa standard report will preface the financial statements
Where an certified audit is not required or the shareholders have waived the appointment of an auditor, financial statements may be prepared on a review basis. Audit reviews provide limited assurance that the financial information conforms to generally accepted accounting principles.
This degree of assurance is less than that resulting from an audit
We know a quality audit plus insight equals value. A quality financial audit provides valuable financial perspectives for your organization, helping to spot trends. It can highlight anomalies, focusing on areas of higher risk, enabling deep relevant insight into your organization's financial condition and performance. Cullinane is laser focused on delivering high quality audits. Our extensive experience implementing Sarbanes Oxley has given us extensive experience in identifying and evaluating internal controls. This offers us the potential for a more robust understanding of an organization and its financial performance control environment and operational concerns
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SCOPE OF GROUP AUDITS
PCAOP & AUDIT COMMITTEE
AUDIT COMMITTEE OVERSITE
AUDITS IN THE FUTURE
NEW PCAOB ENHANCES AUDIT REPORT
PCAOB USE OF SPECIALISTS
CERTIFIED PUBLIC ACCOUNTANTS
CERTIFIED AUDITS COMPILATIONS REVIEWS
The objective of a audit compilation engagement is to compile unaudited financial information into financial statements, schedules or reports based on information supplied by the client.
A audit compilation engagement is appropriate only where the client and other users do not need financial information that conforms in all aspects to generally accepted accounting principles and audit or review assurance is not required., and where the client understands that the statements may not be appropriate for general purpose use.
A audit compilation may be applicable where financial statements are prepared for the exclusive use of the company's management or for income tax purposes. The degree of assurance is less than a audit review
Certified Public Accountants FAX 732-516-9778
328 Amboy Ave, Metuchen NJ 08840
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