RAMS follows a streamlined, customized audit process specific to your organization and any regulatory/government agency, investor, lender, etc. specific requirements. The scope of our process will use the following steps:

• Planning: During the planning phase of the audit, our principal objectives will be to gather information about your organization and its environment, including obtaining a thorough understanding of your organization’s system of internal control over financial reporting.
  
  
• Internal Control Evaluation: Our auditors will then evaluate the design of any controls that are relevant to the audit by documenting key internal control components utilizing questionnaires, performing walkthroughs, inquiring of personnel, and reviewing key supporting documentation. They will test the effectiveness of controls to assist in the overall assessment of risk, to plan substantive audit procedures, and to identify any material weaknesses and/or significant deficiencies.
  
  
• Substantive Testing: Our principal objectives will be to assess the risk of material misstatement at the financial statement level and specific assertions, design overall responses to assessed risks and further audit procedures, and perform substantive tests. Our substantive tests of account balances are designed and modified specifically for your organizations operations and assessed level of risk. These tests may include inspecting relevant financial documents, such as management prepared financial statements, general ledgers, bank statements, invoices, budgets, and other supporting records as needed.
  
  
• Audit Adjustments: If the auditors identify material misstatements during the audit, they work with and discuss the proposed adjustments prior to posting to the financial statements.
  
  
• Audit Report: Once the audit procedures are complete, the auditors will determine whether, based on our substantive testing and other procedures, the financial statements, taken as a whole, are free of material misstatement. They will then prepare an audit report that provides reasonable assurance that the financial statements are free of material misstatement. We may also issue a report that communicates any significant findings, including significant deficiencies, material weaknesses and/or recommendations for process improvements.
  
  
• Follow-up and Communication: The auditors will engage in discussions with management and key stakeholders to discuss any audit findings, address any concerns, and provide recommendations for improvement. They may also assist in implementing corrective actions to address identified issues.

While it is a requirement for many organizations to have audits, the process does not need to be painful. The objective of an audit is to provide financial statement users with an opinion by the auditor on whether the financial statements are presented fairly, in all material respects, in accordance with an applicable financial reporting framework, which enhances the degree of confidence that intended users can place in the financial statements.

Audits enhance transparency, accountability, and confidence in the organization’s financial reporting, both for internal stakeholders and external parties such as investors, lenders, and regulatory bodies.

Whether you need an audit or possibly a review and compilation, our team has a clear and accurate financial scope that will contribute to your success and compliance.