Auditing

Separate Page

Audit

The objective of an audit of financial statements in accordance with generally accepted auditing standards (GAAS) is to provide a reasonable basis for expressing an opinion regarding the financial statements taken as a whole. An audit requires obtaining an understanding of internal control or assessing control risk and tests of accounting records and of responses to certain other procedures ordinarily performed during an audit.

My work includes a review of internal controls, testing of selected transactions, and communication with third parties. Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements. This will include written communication with Customers or members of your organization , to check outstanding receivable balances, Banks, to confirm cash or debt balances and terms, Vendors, to verify outstanding payable balances, and Attorneys, for information on pending or threatened legal action.

I also perform physical inspections by observing your inventory counting methods and perform test counts. I document and test each operating cycle, including sales and cash receipts, expenses and cash disbursements, and payroll. My audit papers include a detailed work program to document the examinations and testing performed, as well as the client’s supporting work papers.

Agreed Upon Procedures

An agreed upon procedures engagement is one in which a CPA is engaged by a client to perform specific procedures and report findings. The CPA does not perform an audit or provide an opinion relating to the subject matter or assertion about the subject matter. Rather, the practitioner performs only those procedures that have been agreed upon and reports findings.

Reporting On Compliance
Engagements to report on compliance vary from an examination of management’s assertion about compliance to an agreed-upon procedures engagement that provides information about the entity’s compliance. There are several types of compliance engagements.
 Project Close-Out Audits
My practice includes perform government contract close-out audits to satisfy contract requirements. I have extensive experience performing Federal and State close-out audits.

For more information , please contact 609 372 3931 or email : elgoneimy@elgoneimycpa.com https://goneimycpa.com/