Cost of an Audited Financial Statement

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Why you should care about the role a CPA?

 It is important to understand that the CPA that is issuing your audited financial statement is giving your business a vote of confidence. It is easier to do that if you have convinced the CPA that you deserve that vote.

So what should you do for the Certified Public Accountant?

By making the CPA comfortable and showing him or her records that are organized and backed up by proper documentation their job is easier. Making the job easier means lower costs for your business.

Other resources:

Three Steps to get Audited Financial Statements 

  Audited Financial Statements for Non Profit Organizations

The factors that affect the cost of an audited financial statement

1. Quality of your records
2. Quantity of your records
3. Risk and liability

What is meant by quality of your records is that the numbers are created by a set of books that follows good accounting procedures. These procedures include reconcilling and reviewing records to assure that the numbers presented are real. So if you have a bookkeeper who is giving you financial statements on a regular basis and they make sense it is a good indication that you have high quality records.When a business gives out credit to customers then accurate accounts recievables are part of quality records. Similarly a business that it's vendors extend credit to them should have listing of those vendors and their balances on an ongoing basis. If you think your records are a mess do not judge yourself so quickly. A quick call to Neil D Rischall CPA has put many business owners at ease and it may do the same for you.

Quantity of records meants that the more records there are to audit the bigger the job is. Just always make sure to include all accounts when presenting records to the CPA. The worst thing you can do is give any indication that records are lacking integrity. If the CPA feels that the records being presented are intentionally incomplete they may have a professional responsibilty to withdraw form the engagement.

The inherent risk involved in the business can change the nature of the financial statements. If an auditor feels there is any doubt whether the business will continue as it is they must disclose that in the finacial statements. The more that this must be consdered the more work must be done to asses these risk factors. More work translates into a higher fee.

Do you Need Audited Financial Statements?

As a CPA I can prepare audited financial statements for you or your company. If you have any other questions you can reach me via email, toll free number, skype chat or skype phone. There is no charge for our conversation so if you are not sure please give me a call at 866.559.6434

Warmest regards,

  Neil D. Rischall CPA