Mildrid Esua,CPA, PLLC: Accounting Firm | financial-statement-audit

Financial Statement Audit

Mildrid Esua, CPA is Large Enough To Be Experts, Small enough to really care

An audited financial statement is an SEC requirement for publicly held companies that provides assurance that your management team has presented financial statements that are free from material error. Banks, suppliers and potential buyers may also require audited financial statements as proof that your business is financially sound.

A financial statement audit from Mildrid Esua, CPA, PLLC includes many of the procedures completed during a review, but greatly increases the level of work performed to test the existence, completeness and valuation of recorded financial statement balances.

Our experts will work closely with your team throughout the financial statement analysis. During the audit engagement, we will:

Document significant processes and evaluate/test the internal controls over such processes

Evaluate the performance of procedures to test for fraud and identify controls that can mitigate fraud risks

Complete substantive testing to verify correct tracking of assets, and liabilities, and revenues and expenses

Evaluate and test revenue and expense cutoffs for end-of-period accounting, to conform with GAAP rule ASC 606.

Identify material and select smaller contracts for close scrutiny to test for proper revenue recognition

Evaluate debt, lease and other contractual agreements to identify financial obligations

Review potential legal contingencies

Observe physical inventory counts and performance independent test counts.

Test the adequacy and accuracy of footnote disclosures in financial statements to ensure clarity in statement presentations

Ensure understanding financial statements is a top priority for you and your board, while still offering to help present the audited financial statements

Sooner or later as a company grows it will become necessary to have audit, review or compilation performed. Whether it’s for internal planning, obtaining a loan from a bank or many others reasons these assurance services are important. If you have questions about audits, review or compilations, Mildrid Esua CPA, PLLC can help. For additional information please call us at 336-825-7994. We look forward to speaking with you soon.