- Business and operating environment assessment
- Industry-specific risk identification
- Material misstatement risk evaluation
- Audit scope and timeline planning
Financial Statement Audits
Independent audit opinions for Denver businesses—ensuring your financial statements are presented fairly and comply with Generally Accepted Auditing Standards (GAAS).
Why Your Business Needs a Financial Statement Audit
As Denver businesses grow, financial requirements become more complex
Debt & Loan Covenants
Lenders typically require audited financial statements to verify compliance with loan agreements and assess your organization’s financial health before extending credit or renewing existing facilities.
Regulatory Requirements
Many industries and government contracts require audited financials to maintain good standing. Meeting these compliance requirements protects your business relationships and avoids regulatory penalties.
Stakeholder Confidence
Investors, partners, and board members need independent assurance that financial statements are presented fairly, in all material respects, in accordance with Generally Accepted Auditing Standards (GAAS).
Supplier & Partner Agreements
Major suppliers and business partners often require audited financial statements to establish your creditworthiness and verify financial stability before entering into significant contracts or agreements.
The WhippleWood Audit Difference
The unique blend of technical expertise and practical experience allows us to deliver insights to management:
GAAS Compliance
Full compliance with Generally Accepted Auditing Standards
Management Insights
Practical recommendations that go beyond required reporting
Deadline-Driven
On-time delivery to meet your covenant and regulatory deadlines
Cost-Effective
Right-sized audit solutions for organizations of all sizes
Awards & Recognition
Our Financial Statement Audit Process
From Planning to Opinion
Whether this is a first-time audit or you have been undergoing one for years, our structured approach ensures a smooth, efficient process.
Planning
Our team becomes familiar with your business and operating environment to identify areas with the greatest risk of material misstatements.
Fieldwork
Our team tests processes and collects audit evidence across accounts receivable, payable, fixed assets, debt, revenue, expenses, and inventory.
Delivery
We review drafts with management, discuss audit findings and recommendations with your personnel, and present to your audit committee or board.
Meet Your Audit & Assurance Experts
Experienced CPAs dedicated to delivering quality audit and assurance services
Rick Whipple
Managing Partner, CPA
Co-founded WhippleWood in 1981 after beginning his public accounting career in 1978. Rick’s passion for small businesses has taken him to the White House and Capitol Hill, advocating for policies that help entrepreneurs thrive—earning him recognition as a finalist for the National Small Business Advocate of the Year Award. “I have to be knowledgeable and listen intently to each client’s challenges to find a solution that works best for them.”
CPA License: CO #5486 · Masters in Tax Law, University of Denver
Ron Bass
Partner, Audit Services
Leads WhippleWood’s audit practice since 2010, bringing 30+ years of experience including a decade at Florida’s largest CPA firm. Ron has audited publicly traded corporations, benefit plans, nonprofits, and international entities—with deep expertise in IFRS, Single Audits, and peer reviews. His philosophy: “My clients and I actually have the same goal—for the financial statements to be right. If you approach it from that angle, you’re on the same team.”
CPA License: CO #32216 · FL #AC0024348
Kacey Hertel
CPA
Joined WhippleWood in 2013, drawn by the firm’s commitment to “putting the fun back in CPAs.” Specializing in audit and tax services, Kacey is highly proficient with QuickBooks and works closely with clients to help them understand their numbers. “At the end of the day, I just want my clients to feel like they understand the story their financials are trying to tell them—and watching them reach their goals is so rewarding.”
CPA License: CO #29716
Common Questions About Financial Statement Audits
Audits are typically required to comply with debt or loan covenants, satisfy regulatory requirements, meet supplier agreement terms, or fulfill stakeholder needs such as investor reporting or board oversight.
An audit provides an independent opinion on whether financial statements are presented fairly in accordance with Generally Accepted Auditing Standards (GAAS). A review provides limited assurance through analytical procedures and inquiries. A compilation involves preparing financial statements from client-provided data without providing any assurance.
Timing depends on your organization’s size and complexity. We deliver a deadline-driven audit solution, working backward from your deadline—whether that is a loan covenant date, board meeting, or regulatory filing—to deliver on time while minimizing disruption.
We provide a detailed request list tailored to your organization. Typical items include bank statements, accounts receivable and payable aging reports, fixed asset schedules, debt agreements, and access to your accounting system. Thorough preparation reduces audit time and cost.
Absolutely. Whether this is a first-time audit or you have been undergoing one for years, WhippleWood CPAs stand ready to assist. We guide you through the entire process, explain each requirement, and help you establish systems that make future years easier.
We discuss audit findings and recommendations in detail with your personnel and your audit committee or board of directors. Our unique blend of technical expertise and practical experience allows us to deliver insights to management beyond the required reporting.
Free Audit Preparation Resources
Download our audit readiness checklist and document request template to prepare for your engagement.
Ready for Your Financial Statement Audit?
WhippleWood CPAs has years of experience conducting financial statement audits for companies in Denver and across Colorado. Whether this is a first-time audit or you have been undergoing one for years, our team stands ready to assist.
Questions? info@whipplewoodcpas.com | 303-989-7600
