Financial audit of Bullseye Company for 2020

Bullseye Company

An audit is a report given from an analysis of business operations. Business operations are analyzed and set standards set either by regulatory bodies, government, or the audited business itself. The completed product is a final report describing aptitude against the set standards. There are two types of audits, namely internal and external audits. Internal audits are voluntary and conducted within an organization, while external audits are audit reports controlled externally to an organization by an independent qualified auditor. External audits aim at making sure that the records kept by an organization are complete, accurate, and adhere to legal standards (Asare & Wright, 2012).

Independent Auditor’s Report to the Members Of Bullseye Company, Minneapolis, Mn

Report on Financial Statements

We have audited the accompanying reports of finance of Bullseye corporate on the pages that include the statement of financial position of a period as of 31 December 2020 and 2019. The related statement of income, total revenue, and expense, statement of changes in equity and cash flow statements for the year ended, summary of significant accounting policies, related notes to financial statements, and other explanatory information (Lappi, & Lintunen, 2021).

Management’s Responsibility for the Financial Statements

The Bullseye management is accountable for preparing and presenting all these financial statements according to the theory of accounting generally accepted in the United States of America. For such internal control, as the management determines, it is necessary to prepare financial reports that are free from material misstatement, whether anticipated to fraud or error.

Opinion of the financial statement

We have audited the financial statements of Bullseye Company for the year 2020 ended 31 December, which contains the notes and financial statements, including the summary of significant accounting policies set out. The financial reporting structure that has been applied in their preparation is the United States of America Law.

As far as we can tell, and according to the explanations given to us by the management and reports of Bullseye company, monetarist declarations give out the facts needed by the Act in the way that is so required and gives an accurate and fair view in conformity with the accounting theory generally accepted in the United States of America as at 31 December 2020, and their consolidated total comprehensive income, their consolidated cash flows, and consolidated interchange in equity for the year ended on that date.

The basis for our opinion

We directed our audit according to the United States of America Government Standard Auditing Laws and relevant applicable laws. We are unconventional of the Company following ethical requirements relevant to our audit of financial statements, including ethical standards issued by the government. Also, we have fulfilled our other ethical duties in accord with the

necessity.

We trust that the audit evidence we have obtained is abundant and appropriate to provide a basis for our opinion.

Report on other matters

We conducted our audits to form an opinion on the financial reports as a whole. The accompanying additional information is presented for the basis of additional analysis as needed by the United States Law.

Such information is the obligation of the management and was derived from and relates directly to the fundamentals of accounting and other records used to prepare the financial reports. The data has been subjected to the auditing procedures applied in the audits of the financial accounts and certain further measures, including comparing and reconciling such data directly to the basics of accounting and other documentation used to prepare the financial statement and other additional policies following the Auditing Standards generally accepted in the US. In our own opinion, the information is fairly stated in all material respects concerning the financial statement reports as a whole (World Health Organization, 1980).

A report issued following the Government Auditing Standards

Following the Government Auditing Standards, we have also issued a report dated 31 December 2020 on our consideration of financial reporting’s internal control and our examinations of its compliance with certain provisions of laws, grant agreements, regulations, contracts, and other matters. The motive of that report is to define the scope of our testing of internal control over financial reporting or compliance. Those reports are fundamental of an audit performed following Government Auditing Standards in bearing in mind internal control over financial reporting and compliance.

Internal control over financial reporting

In our planning and execution of our audit of the financial statement, internal control over financial reporting in determining the procedures of the audit that are appropriate in the circumstances to express our judgment on the financial reports but not to express an opinion on the effectiveness of Bullseye internal control. Accordingly, we don’t express an opinion on the effectiveness of internal control.

When the plan or operation of a control does not allow management or employees to perform their assigned functions in the ordinary course of performing, to prevent, or detect and correct misstatements on a well-timed basis, a deficiency in internal control. A material weakness can be expounded as a deficiency or a combination of deficiencies in internal control. There is a reasonable likelihood that a material misrepresentation of the entity’s financial statements will not be averted or detected and corrected in a timely basis. A significant deficiency can also be defined as a deficiency, or a combination of deficiencies, in internal control that is inferior to a material weakness yet necessary enough to merit attention by those charged with governance.

Our consideration of internal control was for a limited purpose and was not designed to recognize all internal control deficiencies that could be material weaknesses or significant deficiencies. Given these limitations, we did not identify any internal control deficiencies that we considered material weaknesses during our audit. Nevertheless, material weaknesses may appear that have not been pinpointed (Nzechukwu, 2016). 

Compliance and other matters

As part of securing reasonable assurance about whether Bullseye’s financial affirmation is free from material misrepresentation, we carried out tests of its compliance with certain provisions of laws, regulations, contracts, and grants agreements, noncompliance with which can be a direct and material effect on the establishment of financial statement amounts. The results of our tests disclosed that no instances of noncompliance or other matters are needed to be announced under the Government Auditing Standards.

Purpose of the other reporting required by government auditing standards

The purpose of the communication described in other reporting required by the Government Auditing Standards section is to relate the span of our trial of internal control and compliance and the outcome of that testing, and not to offer an opinion on the efficiency of the Company’s internal control or compliance.

The purpose of our work and to whom we owe our responsibilities

Our auditing report is made solely to the Bullseye Company members. Our audit work has been accepted to state to the Company’s members those affairs we are required to state in an auditor’s report and for no other purpose.

CPA FIRM

New York, New York

Date, Year