Audit

An audit is the highest level of assurance BMWL can provide with respect to an organization’s financial statements.  Audited financial statements provide the organization’s governing body with the auditor’s opinion that the financial statements are presented fairly, in all material respects, in conformity with the method of accounting utilized.  The opinion offers reasonable but not absolute assurance with respect to the financial statements to which it applies.

In an audit, the auditor is required by regulatory standards to obtain an understanding of the organization’s internal control and assess fraud risk. The auditor is also required to corroborate the amounts and disclosures included in the financial statements by obtaining audit evidence through inquiry, physical inspection, observation, third-party confirmations, examination, analytical procedures and other procedures. An audit engagement performed by BMWL also includes an assessment of certain aspects of tax compliance by the organization.

In obtaining an understanding of internal control, BMWL typically focuses significantly on the cash processing activities of an organization, including the processes for receiving cash (whether in currency, check, or electronic form), the processes for accounting for cash, and the processes for disbursing cash either to suppliers or employees.

An audit performed by BMWL typically results in the following reports:

BMWL’s opinion on the financial statements

Financial statements and related disclosures

BMWL’s Report on Internal Control

BMWL’s Report on the Audit Process

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