An audit includes a thorough examination of your company’s books and records, an evaluation of internal controls, confirmation of key balances with third parties and testing of transactions. At the conclusion of the engagement, FSI issues an independent auditor’s report expressing an opinion on whether your financial statements are fairly presented in accordance with generally accepted accounting principles (GAAP) or another comprehensive method of accounting.

The timeline depends on the size and complexity of your organization. FSI typically conducts planning and fieldwork over 3–6 weeks and issues the final report shortly thereafter. We provide a clear timeline with milestones so you know what to expect.

You need an audit if it is required by law or contract (for example, Connecticut’s charitable registration threshold, federal or state Single Audit thresholds, large bond requirements or bank covenants) or if stakeholders demand the highest level of assurance. If your goal is limited assurance to satisfy smaller lenders or investors and you fall under the applicable revenue thresholds, a review may be sufficient.