Financial Statement Audit Services

A financial statement audit is the highest level of assurance a CPA can provide on a set of financial statements. The auditor examines the underlying records, tests transactions, confirms balances with third parties, evaluates internal controls, and ultimately issues an opinion on whether the financial statements are fairly presented in accordance with GAAP (or another applicable framework). Audits are most commonly required by lenders, investors, bonding companies, regulators, private equity sponsors, grantors, or by the organization's own bylaws. Nonprofits receiving federal funding above certain thresholds are required to undergo Single Audits under the Uniform Guidance.

These are the three levels of assurance a CPA can provide, in descending order of scope. An audit is the highest level — it provides positive assurance and requires independent verification, confirmations, analytical procedures, and testing of internal controls. A review provides limited (negative) assurance through inquiry and analytical procedures but does not require testing or confirmations. A compilation is a presentation of financial statements based on management's representations with no assurance provided at all. We offer all three levels plus agreed-upon procedures engagements for targeted assurance needs.

A typical financial statement audit for a small-to-mid-size business takes 4 to 10 weeks from kickoff to final issuance, though the timeline depends heavily on the size of the organization, the quality of the records, and the responsiveness of management during fieldwork. We typically structure an audit in four phases: planning and risk assessment, interim fieldwork (often done remotely), final fieldwork after year-end close, and report issuance. Clients with well-organized trial balances, reconciled accounts, and a clean close can meaningfully shorten the timeline.

Audit fees depend on the size and complexity of the organization, the nature of the industry, and how many transaction cycles are involved. Every engagement is different, which is why we quote every project individually through our RFP process — you'll receive a detailed scope letter with a fixed fee before any work begins. No hourly surprises, no hidden charges. The best way to get a clear picture of cost is to submit a proposal request or book a quick call so we can scope it properly.

Yes. KAS Accounting & Wealth Services, LLC complies with the AICPA Code of Professional Conduct and the independence standards applicable to GAAS audits. We do not provide bookkeeping, payroll, or financial statement preparation services to our audit clients, and we evaluate independence every year before accepting or continuing an engagement. For clients who need both an audit and ongoing accounting support, we can coordinate with your existing bookkeeper or refer you to a separate firm for the non-attest work.

Yes. We perform ERISA-compliant audits of defined contribution plans (401(k), 403(b), profit sharing), defined benefit plans, and health and welfare plans. Plans with 100 or more eligible participants at the beginning of the plan year are generally required to file audited Form 5500s. We are familiar with the DOL's enhanced audit quality requirements under the SAS 136 standard and work closely with plan administrators, third-party recordkeepers, and plan sponsors to complete audits well in advance of the filing deadline.