The Audit and Its Alternatives

The Audit and Its AlternativesSUMMER 2007STRIKING A BALANCE BETWEEN ASSURANCE AND COSTEvery year, Clifton Gunderson prepares hundreds of financial statements for organizations of all sizes in manyindustries. These documents are used by creditors, investors, regulators and others to help make importantdecisions based on the organization’s financial position and other aspects of its operations.The reliability and accuracy of financial statements is critically important, so many creditors and other users offinancial statements require that statements be independently audited. Clifton Gunderson also conducts hundredsof these audits each year, providing a professional opinion concerning the reliability of the information infinancial statements prepared by others.IS AN AUDIT REALLY NEEDED?Clients sometimes ask us if a traditional audit is the only way for a CPA firm to provide a third party withassurance as to the reliability of financial statements. Many are surprised to learn that the answer is “no.”An audit is not the solution for everyone. Different users of your financial statements may need different levels ofassurance depending on how they will use the statements. We can provide cost-effective solutions for all of thesesituations. In addition to the traditional annual audit, Clifton Gunderson can provide – • A financial statement review• “Agreed-upon procedures” applied to specified elements of your financial recordsSome organizations have completely ...