Experts in External Audits
Our external audits are designed to provide independent and objective assessments of your financial statements. We follow a rigorous process to evaluate the accuracy and completeness of your financial information, giving stakeholders confidence in the reliability of your financial reporting. CKH Group’s seasoned auditors bring extensive industry knowledge and regulatory expertise to every engagement.
As a leading CPA firm based in Atlanta, we take pride in offering External Audit Services designed to:
- Give you peace of mind
- Reduce risk or costly errors
- Provide timely and efficient results
What Is An External Audit?
So, what is an external audit, and what is the difference between an internal and external audit? An external audit is an examination from an independent third party (such as CKH Group) of the accuracy and completeness of an organization’s accounting records and/or financial statements and if they were prepared in accordance with the applicable accounting framework. There are several different types of audits that may be required depending on the type of business and purpose of the audit.
While oftentimes, a company may not have a choice in whether or not they perform an external audit (because it is a legal requirement), the company does have a choice in what independent auditors they choose. It is important that you choose an auditor who has the professional qualifications, experience, and reputation to perform the audit to avoid any costly errors. That is where CKH Group comes in.
Financial Statement Audits
A financial statement audit is a reasonable assurance opinion based on a thorough examination of whether the financial statements are presented fairly, in all material respects, according to the applicable reporting framework. Financial statement audits are subject to generally accepted auditing standards (GAAS) issued by the AICPA.
Employee Benefit Plan Audits
An employee benefit plan audit is regulated under the Employee Retirement Income Security Act (ERISA). It examines financial statements provided by a third party to the Department of Labor, plan management, and plan participants. These audits are subject to generally accepted auditing standards (GAAS) issued by the AICPA.
A nonprofit audit is an examination of a nonprofit organization’s financial records and internal control systems in order to ensure your organization is spending money in accordance with the guidelines set forth by your organization’s 501(c)(3) status (charitable status). Many state and government agencies require this, as well as some grant funders.
A group audit is an audit of a group of financial statements, which include financial information for more than one business entity or business activity in which financial information is separately prepared. CKH Group can act as a component auditor under the instruction of a group engagement partner for large group audits.
Internal vs. External Audits
An external audit is conducted by an independent third party that is in no way connected to the business being audited. They cannot have played any role in preparing the accounting records being audited. This is a legal requirement and is usually done to inform stakeholders, such as investors, creditors, and lenders. Comparatively, an internal audit is conducted internally by your own company, usually for the purposes of improving an organization’s operations and meeting strategic objectives. Internal auditors can also help ensure that a company is ready for an external audit.
Why Is An External Audit Required?
There are many reasons why your business might be required to undergo an external audit. There are certain milestones in a business that can necessitate it, such as having 100 employees on your employee benefit plan or reaching $1 million in revenue as a nonprofit. Lenders and investors also might require it in order to receive their funding. All of these scenarios require you to audit your company to ensure that outside investors can trust in your financial processes.
Why Choose CKH Group?
CKH Group’s Audit Services are designed to empower organizations with confidence in their financial reporting and decision-making.
With CKH Group, you’re not just getting a CPA firm; you’re gaining a trusted partner committed to your success. Discover the CKH Group advantage, where excellence, integrity, and expertise come together to create a powerful assurance partnership for you. Contact us today to explore how our External Audits can add value to your organization.