Financial Statement Audits

How strong is your business’s financial position? Naturally, this question can only be answered with accurate financial reporting. In fact, timely, accurate, and understandable financial statements are the foundation upon which all important business decisions should be made (they’re also the yardstick by which stakeholders measure the viability of your organization). Benefits include:

  • Providing a second set of eyes on the financials for potential misstatements
  • Identifying weaknesses in internal controls and providing recommendations to improve them
  • Although not designed specifically to detect it, financial statement audits can uncover fraud

For these reasons, financial statement audits in compliance with Generally Accepted Auditing Standards (GAAS) are paramount to a well-functioning, transparent business.

The RPB Difference: Seasoned AND Retained Audit Staff

We’ve performed our fair share of financial statement audit services. After all, we’ve been doing them since 1907. As the oldest registered CPA firm in Wisconsin, our auditors’ work is backed by over 100 years of specialized auditing experience in accordance with:

  • Government Audit Standards (GAS)
  • Generally Accepted Auditing Standards (GAAS)
  • Public Company Accounting Oversight Board (PCAOB) standards

What’s more, we understand how important continuity of staff—an often overlooked asset at other firms—is for clients with recurring audits. By retaining staff on each account, our clients come to depend on a dedicated audit team with a deeper, more complete understanding of the account, as well as more fluid and consistent service. Where other larger firms have to re-train and introduce new staff to clients every year, we strive to retain the same staff to avoid unnecessary bottlenecks and provide superior customer service.

“RPB is consistent. They do everything possible to assign the same auditors each year. This matters to us: if a recent graduate is new to the auditing and non-profit business, there’s a definite learning curve. A new set of auditors can take an additional 15 to 25 hours of our staff time to get through an audit. This isn’t the case with RPB. I seriously respect this company and their work.”

—Yvonne Stueber, BroadScope

Financial Statement Audit Procedures:

  • Observations of inventory and other assets
  • Verifying transactions with third parties
  • Testing revenues and expenses
  • Searching for unrecorded liabilities

With RPB, you can also expect:

  • At least one managing partner overseeing your account
  • Complimentary on-going communication to facilitate involvement and efficiency
  • Transparent and up-front fees to limit surprise charges
  • Publicly available peer-review results
  • A socially-responsible workforce that regularly gives back
  • A focus on technology and paperless audits to increase efficiency

Unwavering Commitment to Quality

RPB is proud to be a long-time member of multiple audit centers of the American Institute of CPAs (AICPA), an industry-recognized thought leader dedicated to promoting audit best practices:

Center for audit qualityCenter for Audit Quality (CAQ) – an autonomous, nonpartisan, and nonprofit public policy organization dedicated to enhancing investor confidence and public trust in the global capital markets.

Governmental Audit Quality CenterGovernment Audit Quality Center (GAQC) – promotes the importance of quality governmental audits and the value of such audits to purchasers of governmental audit services.

Employee Benefit Plan Audit Quality Center (EBPAQC) – a respected firm-based voluntary membership center for firms that audit employee benefit plans.