Audits of Financial Statements

The audit function is an integral function of nearly every accounting firm, and your selection of an audit firm has never been more important. With the changing economic and accounting environment, the importance of selecting an audit firm that is thorough and objective, with experience in analyzing all financial aspects of your business. Peter Shannon & Co. auditors offer those qualities, and they are also familiar with your company operations, your industry and your unique needs and concerns. At Peter Shannon & Co., the partner in charge of your audit will be familiar with all aspects of your business or operation, and will be serving as an advisor as well as an auditor to ensure that you:

  • Meet the needs defined by outside audit requirements
  • Identify and manage any risks associated with your financial operations
  • Are aware of opportunities to improve business operations and reduce costs

We conduct each audit without compromising our standards or principles.

Size of clients for an audit

Our audit clients include small, medium and large businesses as well as government, charitable and not-for-profit organizations. Regardless of your size or structure, you can rely on the fact that Peter Shannon & Co. has experienced staff with a thorough knowledge of the auditing and accounting requirements that apply to your business or oganization.

Whether you select Peter Shannon & Co. as an outside auditor or consider us as a source to meet your internal audit needs, our experience, size and personalized service are the perfect combination of the attributes you need from an audit firm.

Our approach to auditing your financial statements

Peter Shannon and Co.‘s approach to auditing your financial statements begins with obtaining a thorough understanding of your business and industry, including your internal controls, and ends with the expression of an opinion as to whether the financial statements are presented fairly in all material respects. As a part of this process, we identify and assess the risks which may cause your financial statements to be materially misstated and develop our audit strategy in response to those risks.

What to expect before and during an audit

Prior to, and during the audit, our experts work closely with our clients to develop a service plan and calendar, which includes engagement planning meetings and frequent client communications intended to produce an efficient and cost-effective audit while minimizing disruption of your daily routine. As our planning progresses, we will provide lists of information to be supplied by you and a timetable for delivery of that information. Whenever possible, we will request that information and schedules be provided in electronic formats to permit us to use technology, including data extraction software, for greater ease of process. Our experience has shown that the use of electronic tools has greatly enhanced our ability to complete services efficiently and effectively, while providing useful information to our clients.