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Audit & assurance · GAAS
An audit gives reasonable assurance that your financial statements are fairly presented. We plan around your covenant and bonding deadlines, keep requests focused, and deliver a clear report with practical recommendations.
Serving United States, Virginia, Washington, DC, Maryland.
What we handle
An audit is the highest level of assurance a CPA firm provides on financial statements. We assess the risks of material misstatement, gain an understanding of your internal controls, and test balances and transactions: confirming cash, receivables and debt with third parties, observing inventory counts where inventory is significant, testing revenue and expenses, and reviewing estimates such as allowances, accruals and work-in-progress.
Private company audits follow generally accepted auditing standards (GAAS) issued by the AICPA. As a PCAOB-registered firm, we also understand the standards that apply to public company and broker-dealer audits. At the end, we issue an auditor's report with our opinion, the financial statements with notes, and a letter communicating any significant deficiencies or material weaknesses in internal control, along with practical recommendations.
Most first-year audits take six to ten weeks from planning to report, and recurring audits are often faster. We agree the timeline and the list of requested documents (the PBC list) at the start, so your team knows exactly what is needed and when.
Speak with an advisorWhere we help
Larger credit facilities usually require annual audited statements within a set number of days after year end.
Audited statements with work-in-progress schedules generally support the highest bonding capacity.
Audited results add credibility in capital raises, sale processes and shareholder reporting.
Single audits, franchise disclosure audits and HUD programs require an independent audit.
Our approach
A senior advisor reviews your facts and documents.
Scope, fees and timeline in an engagement letter.
Returns, elections and forms prepared and reviewed.
IRS contact and planning all year.
Questions
If your question isn't here, call (703) 880-8412 and you'll reach a person.
An audit gives reasonable assurance and includes testing, confirmations and an understanding of internal control. A review gives limited assurance based mainly on inquiry and analytical procedures, and costs less. Your lender or surety agreement usually says which one you need.
Fees depend on revenue, transaction volume, inventory, the number of entities and locations, and the condition of your records. We quote a fixed fee after a short planning discussion.
Yes. First-year audits need extra work on opening balances and, where significant, inventory. Planning early, ideally before year end, keeps the first audit on schedule.
Yes, for private companies, subject to independence rules. We can prepare tax returns, but we cannot make management decisions or keep your books in a way that would impair independence.
VG CPA PC is registered with the Public Company Accounting Oversight Board (PCAOB) and is a member of the AICPA and the Virginia Society of CPAs.
Latest updates
The amendments aim to reduce compliance costs of the new quality control standard. QC 1000 and the amendments take effect December 15, 2026, subject to SEC approval.
Source: Deloitte DART
The PCAOB delayed its new firm quality control standard by one year to give registered firms more time to design and test their systems.
Source: PCAOB
Related
Independent financial statement audits, reviews, compilations and employee benefit plan (401(k)) audits for private companies, government contractors and nonprofits.
Learn moreHeadquartersAddress, local tax issues and the full range of services in Northern Virginia.
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Tell us what you're facing. A senior advisor will reply within one business day with a clear next step.
Speak with an advisor
Call(703) 880-8412Emailinfo@vgcpapc.comRequest a consultationA senior advisor replies within one business day.