Auditing

The CJBS auditing group provides compliance audits, as well as compilation, review, and certified audits for not-for-profit organizations, retail and wholesale clients, manufacturers and professional organizations.

What is an Audit?

An audit is a service that CPAs provide to the Board of Directors of an organization to give assurance that the financial statements of the organization are presented in accordance with accounting principles. The CPAs must be independent, with no financial interest in the organization or any close relationships with its key people.

What an Audit Entails…

An audit is an assurance service resulting in a written report which is presented to the Board. The report indicates whether the organization’s financial statements are free from material misstatement and fairly present the financial position and the operations of the organization. The final audit report is written in the form of an opinion from the CPA. The opinion does not guarantee the absolute accuracy of each number on the financial statements; rather it indicates that the statements are a fair presentation to within a reasonable dollar amount. CPAs are required to follow certain standards when performing an audit. These include examining evidence that supports the amounts on the financial statements, as well as the additional information presented in the notes to the statements.

The audit process begins with the CPA assessing the possibility that the financial statements and their included notes could be materially misstated. Next, the CPA performs various tests on account balances and transactions. From these tests, the CPA accumulates evidence on which to base the opinion which is reported to the Board of Directors.

The CPA also assesses risks to the organization’s internal control system to determine if it is designed and operating in a way to ensure that reliable financial statements may be produced. While the CPA’s primary focus is on potential misstatement in the financial statements, risks discovered in the internal control system can result in a finding of significant deficiencies or material weaknesses which are required to be detailed in a management letter accompanying the final audit report.

"CJBS has served us well over the years. Their commitment and dedication aided us in achieving our financial goals."

—Deutsch, Levy & Engel, Chartered