Audit &
Review
Ensure financial accuracy with ONE Advisors’ expert audits and reviews, compliant with US GAAP and IFRS.
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Audit Services for Financial Statements: US GAAP and IFRS Compliance
An audit represents the most rigorous level of assurance a CPA can provide, designed to instill confidence in the accuracy of financial statements. The CPA conducts detailed procedures to achieve “reasonable assurance”—a high, though not absolute, level of certainty—that the financial statements are free from significant errors or misstatements.
During an audit, the CPA evaluates the organization’s internal controls and assesses risks related to fraud. To verify the financial statements’ amounts and disclosures, the CPA gathers evidence through methods such as inquiries, physical inspections, observations, third-party confirmations, document reviews, analytical procedures, and other techniques.
A key requirement for an audit is the CPA’s independence. If independence is compromised, the CPA is prohibited from conducting the audit. Upon completion, the CPA issues a formal report expressing an opinion on whether the financial statements are fairly presented, in all material respects, under the relevant financial reporting framework (e.g., US GAAP or IFRS). Additionally, the CPA must communicate any significant or material weaknesses in the organization’s internal controls identified during the audit. These insights can help the organization strengthen its operations and processes.
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Audits are typically recommended—and often mandated—for entities pursuing substantial financing, seeking external investors, or preparing for a sale or merger. The high level of assurance provided makes audits ideal for these scenarios.
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Review Services for Financial Statements: US GAAP and IFRS Compliance
A financial statement review offers a moderate level of assurance, less than an audit but more than a compilation. In a review, the accountant provides a conclusion about whether the financial statements comply with the applicable financial reporting framework, based on limited assurance.
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To form this conclusion, the accountant primarily relies on analytical procedures and inquiries to gather sufficient evidence. This evidence supports a conclusion about the financial statements as a whole, presented in accordance with the requirements of the chosen financial reporting framework.