An audit is generally performed when required by a funder or when the organization wishes to have the highest possible trust in the financial picture and the functionality of the internal control systems in place at an organization. Audits are the most comprehensive service we offer. In an audit, the auditor must obtain corroborating evidence to support the amounts and disclosures included in the financial statements through inquiry, physical inspection, observation, third-party confirmation, examination, analytical and other procedures. As part of the audit, the auditor is required by auditing standards to obtain and understand the organization’s internal controls and to assess fraud risk. At the end of the audit procedures, the auditor provides an opinion letter that states that the financial statements are fairly stated.Audits are necessary for many reasons including legal requirements, lender conditions, and grant compliance. The audit is a tremendous opportunity to view the organization globally. Because we place substantial emphasis on the need to thoroughly understand our clients’ businesses and their industries, we want to know:Where are your greatest exposures?How do you guard against threats?How do you evaluate your organization?What are the controls used to measure accountability?Where do you see your organization in the future and what are your plans for getting there?Also, as part of our planning process, we have conversations with management and the Audit Committee (or Board) to address any concerns. By focusing on the resolution of these issues first, the audit can proceed on schedule, without surprises.Over the years we have developed an efficient process to perform audits. Using our extensive experience, training and technologies, we are able to perform the fieldwork of an audit usually within 1 day. This requires much up-front planning and preparation, but the result is less disruption to your organization’s business and to your staff.Our goal is to minimize the disruption to your staff and audit costs while maximizing the value you receive for this service. As part of our service to our audit clients, we are available year round for questions without charge.
“Our partnering with Jones & Associates provides us with ongoing support throughout the year, allowing us to confidently maintain our books and to ensure proper controls are in place. Their recent audit, findings, recommendations and presentation to our Board of Trustees assured the trustees that our procedures and processes will continue to be in good order.” Angie Gianelli, The Perkins School |