Navigating a financial audit can seem daunting, but at DeMera DeMera Cameron, our Fresno-based Certified Public Accountants (CPA) strive to make the process as smooth and transparent as possible. An audit is an objective evaluation of a person or company’s financial records, performed by certified public accountants. We often get the question, “Does my business need an audit?” Audits are necessary for obtaining some types of financing, legal compliance, and to develop accurate budgets. These financial audits will overall improve your operations, improve your business’s reputation and credibility, potentially detect and neutralize fraud, and help expand your business. Ultimately, the aim of a financial audit is to ensure that your financial records are an accurate representation of your company’s financial performance.
With over 80 years of experience serving the Central Valley, DeMera DeMera Cameron is a well-established accounting firm with a rich history of financial experience in the Fresno market. We specialize in a wide range of services, including auditing, income tax planning, estate and succession planning, and more. Our team of experienced professionals and licensed CPAs, always provide tailored solutions to meet the diverse needs of our clients in various industries and have handled our fair share of audits.
Here’s our step-by-step guide to help you understand what to expect and how we work closely with our clients to ensure a successful audit:
Step 1 | Initial Consultation and Engagement
The audit process begins with an initial consultation where we discuss your business needs and objectives. We then issue an engagement letter outlining the scope, objectives, and terms of the audit. This step ensures that both parties are on the same page and sets the foundation for a successful audit. DeMera DeMera Cameron then keeps your goals in mind throughout the entire process.
If you’re hesitant about us understanding the scope of your business niche, be assured that we have 80 years of experience serving numerous industries across the Central Valley area, including medical practices, nonprofit organizations, dealerships, trucking logistics, convenience stores, gas stations, franchise restaurants, agriculture, and construction. To schedule a consultation, click here.
Step 2 | Planning and Risk Assessment
During the planning phase, we gather all the preliminary information about your business operations and financial systems. This involves understanding your internal controls and identifying areas that may require more attention to receive all your financial data. Our team assesses the risk of material misstatement in your financial statements, which helps us tailor our audit procedures to your specific needs.
Step 3 | Document Gathering
We work closely with you to collect all necessary financial documents. Without your cooperation, the audit process can become prolonged and difficult. We need access and permission to unbiasedly assess your financial data to avoid any potential fraud and provide suggestions for business growth. This includes financial statements, bank reconciliations, payroll records, and other relevant financial data. Our team is here to guide you through this process, ensuring that you know exactly what is needed and why.
Step 4 | Fieldwork
Fieldwork is where the bulk of the audit takes place. Our auditors will review your financial records, test transactions, and evaluate your internal controls. We aim to minimize disruption to your daily operations by working efficiently and respectfully. If any issues or discrepancies are found, we discuss them with you promptly to find solutions or clarify inquiries we may have.
Step 5 | Identifying Areas of Improvement
One of the key benefits of an audit is identifying areas where your business can improve. Whether it’s enhancing internal controls, improving financial reporting, or streamlining processes, our CPAs provide actionable recommendations tailored to your business because an audit is the most in-depth financial analysis a business can receive.
Step 6 | Reporting
After completing the fieldwork, we compile our findings into a clear and comprehensive audit report. This report includes our opinion on your financial statements, any identified issues, and recommendations for improvement. We take the time to explain our findings and answer any questions you may have. We guide you through the process, so that you can understand your business’s finances inside and out.
Step 7 | Follow-Up and Support
At DeMera DeMera Cameron, our commitment to excellent customer service doesn’t end with the audit report. We offer ongoing support to help you implement our recommendations and improve your financial practices. Our goal is to build a long-term relationship with our clients, providing value to your business beyond the audit itself.
Why Choose DeMera DeMera Cameron?
We treat all of our clients with the utmost respect and care. As a generationally-owned family business, we distinguish ourselves from other CPAs by treating all of our clients like family. At DeMera DeMera Cameron, we pride ourselves on our personalized approach to auditing and supporting Central Valley businesses through their finances. We understand that every business is unique, and we customize our audit process to meet your specific needs. Our team is dedicated to providing exceptional customer service, ensuring that you feel supported and informed throughout the entire process.
Contact us today to schedule a consultation and let our experienced team guide you through the experience of a professional CPA financial audit.
