External Audit

External Audit:

Our External Audit professionals examine a company’s financial statements and attest to their reasonableness. This includes taking time to understand the business and assessing key processes and systems used to produce the financial statements. It also involves understanding the ins and outs of business drivers, associated risks and their potential effect on financial statement accounts.
An external audit, defined as a company audit which is performed by a party which is not a department or employed by business to be audited, are very commonly performed. The external audit approach has 2 main purposes: The company believes an outside party will be more efficient at the work or because a governmental entity, such as the IRS, is auditing the business.
The audit itself enhances corporate governance and plays an important role in ensuring the reliability and relevance of business information and a graduate role in financial audit will put you at the heart of understanding how businesses operate. An audit may be a legal requirement but it’s an area that is constantly changing. We are proud to use leading edge technology to ensure we’re at the forefront of how audits are delivered to our clients. Work with our prestigious client list and you’ll develop the business skills, knowledge and relationships you need to do well in a career that’s about so much more than numbers. You’ll go beyond the obvious and develop real insights into a client’s markets, technology, people and management, as well as its finances.
We nurture intelligence, courage and energy and embrace diversity. Our people think independently and are confident about sharing their point of view. They draw on the breadth of their experiences and relationships to provide clients with a tailored, risk-focused approach to the audit.

Providing an Opinion on Financial Statements:

We help your companyby providing reasonable assurance that the financial statements are free from material misstatements and prepared according to an accounting framework and we will issue recommendations to management. Our firmwill testenough data to provide reasonable assurance according to accounting standards.

Understanding the Entity and Its Environment:

Chartford Auditors can provide you with obtaining a thorough understanding of client’s environment, operations and internal controls and performing an initial risk assessment of the company. We examine the electronic accounting information system to ensure that the data aren’t being compromised then compare the company to others in the industry to identify any irregularities that could stem from incorrect financial reporting.

 Obtaining Sufficient Evidence to Form an Opinion:

We base a huge portion of our opinion on the evidence they examine during the audit. To ensure they’ve collected the sufficient amount of evidence, we rate the riskiness that may exist in the company.

Independence:

Our responsibility is for maintaining an independent attitude and an appearance of independence from the client.

An audit results in a report which gives an ‘audit opinion’ about whether the financial statements give a ‘true and fair’ view of the state of affairs of the organization and operations for the period.
• ‘True’ means that the transaction did take place and that an asset exists.
• ‘Fair’ means that a transaction is fairly valued and that assets and liabilities are fairly stated.