Contents
We present consolidated and combined financial statements. True or False.
What is a false. We only present consolidated financial statements.
This is the month interim testing occurs (i.e. the month the auditors perform the work)
This is the name of our current audit firm.
what is GT?
Auditors use this method to test and validate the existence of cash.
What is send bank confirmations?
This is the type of audit opinion we strive to obtain at the end of every audit.
What is an unmodified (clean) opinion?
This is another term for balance sheet, which is a financial statement that shows a company's assets, liabilities, and net assets at a specific point in time.
What are the consolidated statements of financial position?
This is the month the financial statements are finalized.
What is the month of December?
This is the number of audit partners we had in the last 3 years.
What is 3?
Auditors will request and review this report to test the existence, accuracy and valuation of receivables.
What is the accounts receivable aging report?
This letter is a communication from the auditor to management that includes recommendations for improving a company's operations, including internal control issues.
What is an audit management letter?
A financial report primarily used by non-profit organizations to detail their revenue and expenses over a specific period.
What is the consolidated statement of activities?
This is the body that must review and approve the financial statements before the financial statements can be finalized and released.
What is the board of directors?
This external team member position left the external audit firm and will not be on the audit team next year.
Who is Matt Bradford, Senior Associate?
This is a set of rules and procedures that govern financial reporting and accounting in the United States and these rules are developed by the Financial Accounting Standards Board (FASB).
A control deficiency, significant deficiency, or material weakness.
What are the types of audit findings?
A financial statement that details the amount of cash flowing into and out of a company during a specific period, showing how the organization generated and used cash through its operations.
What is the statement of cash flow?
This is a legal contract between an auditor and their client that outlines the terms of an audit. It is a binding agreement that includes details about the scope of the work, the client's responsibilities, and the auditor's fees. The audit cannot begin without this contract being signed.
What is the audit engagement letter?
This is where our audit team is located.
They bear the responsibility of preparing the financial statements and the notes to the consolidated financial statements.
Who is management?
These audit findings are communicated in the opinion of the financial statements.
What are significant deficiency and material weakness?
A financial report used primarily by non-profit organizations that details how their expenses are allocated across different functional categories, like program services, management and general, and fundraising, providing transparency on how their funds are being used for their mission and operations.
What is the statement of functional expenses?
This letter is a formal document that confirms the accuracy of financial information and management responsibilities during an audit. The audit cannot be finalized without this letter.
What is the audit representation letter?
A different GT audit team performs this audit which is due on October 15, 2025.
What is the pension plan (403(b) audit?
The audits are conducted in accordance with these standards.
What is auditing standards generally accepted in the United States of America (US GAAS)?
This is a deficiency or a combination of deficiencies in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.
What is a material weakness?