Audit (US GAAP)
BMC SAAS offers highly qualified specialists with US accounting, reporting and auditing expertise, to assist you with your auditing work from our offices in India. Offshoring your Audit under US GAAP to us will help you reduce your workload at a fraction of the cost. Our in-house staff are well versed with US GAAP and PCAOB/AICPA audit requirements.
Why do you need an audit of financial statements ?
Improves Credibility
federal or state grants.
Legal Requirement
Credit Purposes
Suppliers
What responsibilities are included in an Audit Report ?
An audit report includes management responsibility for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America (US GAAP), which includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
An audit report also includes auditors’ responsibility as to express an opinion on the financial statements based on the audit. An audit report also requires an auditor to state that the audit was conducted in accordance with auditing standards generally accepted in the United States of America US GAAP, which require that an auditor plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on an auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, an auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, an auditor does not express an opinion on the effectiveness of entity’s internal controls.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. Sufficient and appropriate audit evidence obtained during an audit supports basis of an audit opinion.