When a lender, investor, board, or grantor requires audited financials, we provide the independent CPA audit opinion that meets the requirement — scoped clearly, completed on a defined timeline, and handled entirely in-house.

Independent Financial Statement Audits for Businesses

Audit, Review, or Compilation — Understanding What's Actually Required

Not every third-party requirement calls for a full audit. Knowing the difference saves time and money.

Financial statement assurance comes in three levels — compilation, review, and audit — and the distinction matters. A compilation involves no independent verification. A review provides limited assurance through analytical procedures. A full audit provides the highest level of assurance, with independent testing of account balances, transactions, and supporting documentation, resulting in a formal CPA audit opinion.

Lenders, investors, grantors, and boards each have their own requirements, and those requirements don't always call for the most intensive level. Before an engagement begins, we review exactly what your lender, investor, or grantor is asking for and confirm which level of assurance is required. The goal is to meet the requirement precisely — not to deliver more than you need, and not to fall short of what's being asked.

If you're uncertain whether you need an audit or a lower level of assurance, that's the right place to start. We'll help you get clarity before any work is scoped.

What a Financial Statement Audit Covers

A financial statement audit conducted by Hartmann & Associates is an independent examination of your organization's financial statements in accordance with generally accepted auditing standards (GAAS). The result is a formal audit opinion — a signed CPA report that third parties can rely on.

Our audit process typically covers:

• Independent verification of account balances and supporting documentation
• Testing of transactions across the audit period
• Assessment of internal controls relevant to financial reporting
• Examination of disclosures and footnotes for completeness and accuracy
• Issuance of a written audit opinion on the financial statements as a whole

Every engagement is scoped from the outset with a clear timeline so your team knows what to expect and when. We work with you to gather what's needed efficiently — audits don't have to be disruptive, and ours aren't.

We serve businesses and organizations across Northern Nevada, including Reno, Sparks, Carson City, Fernley, and Fallon, as well as clients statewide for whom the specialized nature of the service makes geography less of a factor.

Common Reasons Businesses Need a Financial Statement Audit

Financial statement audits are typically driven by an external requirement rather than internal preference. The most common situations we encounter include:

• A lender or bank requiring audited financials as a condition of a loan or line of credit
• An investor or private equity partner requiring audited statements before closing a transaction
• A board of directors or governing body requiring independent assurance on annual financials
• A federal or state grant program requiring audited financial statements for compliance
• A nonprofit organization approaching the threshold requiring an independent audit under state law or federal funding rules
• A business preparing for a sale or merger where audited statements are expected by the buyer

If you're facing one of these situations, the process starts with a conversation about what's being required and what your financials currently look like. From there, we scope the engagement, establish a timeline, and get to work.

It's worth noting that independence standards prohibit the same firm from preparing your financial statements and auditing them within the same engagement. If Hartmann & Associates currently handles your financial statement preparation, we'll be transparent about how that affects the audit relationship and help you understand your options.