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Financial Statements

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Financial Statement preparation for small business clients is a long-standing service of this firm. Depending on the client's needs, monthly, quarterly and year-end balance sheet and detailed operating statements can be prepared and analyzed on a timely basis. The state-of-the-art accounting software used in our office can provide helpful comparisons and calculations for effective, practical business analysis.

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Financial reports  help you understand the cash flows, and how much you have to work with. They are great for making intelligent business movements. It is 100% mandatory if you want to avail loan or bring on investors .

Banking, shareholders , creditors and private investors must also be assured that your financial statements accurately reflect your current financial status. It's just a great business. The audited financial statements reflect the most significant guarantee. You will submit annual reports which need to be audited by the Securities and Exchange Commission if your business is publicly held.

THE PURPOSE OF FINANCIAL STATEMENT AUDITS:-

As an expereinced auditor in Orlando(FL) "Intelesoft Financials" will confirm that the audited financial statements and other details are true. The subsequent audit determines that your financial statements are fairly expressed and free of incorrect  statements . This report is mandatory to make your financial statements credible.    Audits of financial statements validate your financial status and results. It also corroborate your own results to ensure your continued maximum productivity stays on track.

There are two main accounting frameworks that have made audited financial statements more common:

* Generally Accepted Accounting Principles (GAAP)
* International Financial Reporting Standards (IFRS)

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Three Stages Of an audit:-

In all financial audits, Intelesoft Financials implements three primary phases: 

1. Risk Assessment and planning:-  Your auditor spends time learning about the company and business environment at this early point. This preparatory work allows the auditor to understand how the business works.  The information allows the auditor to quantify possible risks that can adversely affect your audited financial statements.

2. Testing Internal Controls:-  This process reviews the control suite of your business. Your auditor typically uses questionnaires on risk assessment to evaluate the internal controls in areas such as: 

* How well you protect your business 
* If proper approvals have been incorporated 
* If the workplace roles are specifically divided 

Your internal transactions determine the productivity and control of your business. Positive results mean the audit can go faster.  When errors or mistakes are found, the auditor may have to search deeper in order to find the problem areas. Note, this process just enhances your business.

3. Substantive Audit procedures:- The last phase comprises a range of procedures and financial statement reviews, for example:

* Cash review involves cash counting, reviewing bank statements, issuing bank confirmations and searching for bank balances constraints.

* Analysis,looks for anomalies by analyzing your current finances with expected results, history and industry

* Accounts receivable, examines your collections, cut-offs and year-end sales and confirms the balances in your accounts.

* Marketable securities that monitor your transactions, confirm your securities and verify the market value.  

* Inventory, to reap evidence of your inventories, observe a stock count, inspect shipping and receiving procedures, test your calculated overhead allocation, study invoices, examine invoices and trace stock costs.

* Fixed assets, a review of your leasing documents, assets, authorizations for purchase and disposal, appraisals, amortization and depreciation

* Debt, which examines your lease agreements, obtains confirmation with your lenders and reviews the minutes from your board of director meetings

* Debt, which examines your lease agreements, obtains confirmation with your lenders and reviews the minutes from your board of director meetings

* Accrued expenses, to compare your balances to the previous year’s, examine subsequent payments and re-compute accruals

* Expenses, a review of your transactions and expenses, while confirming any abnormal items with outside vendors and suppliers

* Revenue, which examines sales documents, including transactions and sales returns in the last year.

 
Benefits Of Financial Statement Audits

In general, shareholders appoint auditors for publicly owned companies. The audited statements of public companies become part of their public record, even  some private corporations choose to release their financial statements audit.

Audits can provide several advantages to owners, lenders and creditors. However, One advantage of a thorough audit is to provide insight into the operation of the company and to identify areas that can enhance the company's processes or controls. Your top accountant in Orlando(FL), Intelesoft Financials must communicate any negative aspects of their audit, like control deficiencies, to you. Such reports strengthen business processes , increase your business reputation and help your strategic planning processes.

Audited Financial Statements For Other Entities:-

Nonprofit or tax-exempt organizations must file Form 990 with the IRS. Private foundations file Form 990-PF (Private Foundation). While financial statement audits are required for all publicly held companies, other businesses and entities can benefit from a financial statement audit. Nonprofits in particular receive the following nonprofit audited financial statements:

* Balance sheet — or statement of financial position — is a summary of the liabilities, assets and net assets of your institution at a specific date.
* Cash flow statement summarizes the resources available during its reporting period. The report tracks income and expenses. Projected cash flow statements      show shortfalls during the budget and strategic planning process.
* Income expense statement — or statement of activity — documents your organization’s financial activity over the course of a year or longer, reporting income minus expenses to show profit or loss.
* Functional expenses statement reports expenses related to support and program services. Program service expenses are divided by your institution’s programs — such as management expenses.
 

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