From the Weinstein Spira Attest Team
These days, financial statements are under more scrutiny and subject to stricter regulations to meet high quality standards in the U.S. and around the world. Whether you are a private company needing to comply with your bank’s credit agreement, or a publicly held company wanting to maintain investor confidence, the accuracy and, thus, the quality of reported numbers is essential.
Let’s first define a high-quality audit: A systematic and objective assessment of your business’s accounts, performed by a qualified, independent organization in compliance with current auditing standards. The goal is to ensure your financial statements give a true and fair view of your accounts, business, and current circumstances.
On the flip side, poor-quality audits can have serious repercussions. Although it may seem like a low-priority, “box-checking” exercise for private companies with little to no effect on daily operations, poor quality audits may come back to bite you later. For example, when it is time to sell your company, it is critical to have the right valuation figures, based on past audits, or that transaction could be jeopardized. And in the case of public companies, the last thing you want is to have to restate your numbers if a material error is made, potentially impacting shareholder value and raising a red flag for what else may have been inaccurately reported.
It all starts with selecting a quality audit firm that can provide the team right for you. To find the best match for your needs takes an inquiring mind, doing some research, and asking tough questions. Here are some recommendations to help ensure you get the quality results you deserve.
When an audit is complete, the financial statement, itself, will look basically the same…no matter who prepares it. But it is the quality, getting it right the first time, that matters most. The other key considerations are your experience of how the overall audit went and the relationship you were able to build with your auditors. Working with quality accounting and auditing professionals makes a big difference.
As a boutique mid-market accounting firm, Weinstein Spira caters to each of our clients’ audit needs, making the process as painless as possible. We focus on developing relationships through ongoing consulting—not merely accounting transactions.
Have more questions about your upcoming audit? Give us a call to discuss your audit concerns.