What Happens During a Financial Statement Audit? (Full Process Explained by a CPA) скачать в хорошем качестве

What Happens During a Financial Statement Audit? (Full Process Explained by a CPA)

What actually happens during a financial statement audit? In this in-depth conversation, Frank Infurchia, founder of Francis S. Infurchia & Company, explains the complete audit process, from preliminary planning to issuing the final opinion. If you’re a privately held business, nonprofit organization, real estate developer, construction company, or SBA borrower, understanding how an audit works can help you prepare, reduce risk, and strengthen lender and investor confidence. In this video, we cover: • What an independent audit is and why it matters • The role of GAAP (Generally Accepted Accounting Principles) • How auditors follow Generally Accepted Auditing Standards (GAAS) • Internal control evaluation and risk assessment • Materiality — what could mislead a reader? • Transaction testing (cash, receivables, payables, payroll, inventory, equipment) • Confirmations and third-party verification • Analytical procedures and industry comparisons • The importance of note disclosures • Audit committee review and final issuance We also discuss: ✔ For-profit audits ✔ Nonprofit audits and Statements of Functional Expenses ✔ Board oversight and governance ✔ Forensic audits Whether you’re preparing for your first audit or looking to better understand the process, this video walks you through how independent auditors gather evidence, assess risk, and ultimately determine whether financial statements are fairly presented. Have questions or want to learn more? Visit: https://accounting.fsicpa.com