Cory Parnell, CPA
COO | Principal
Audit and Assurance
Whether your Cannabis company needs a financial statement compilation, review, or an audit to satisfy the requirements of state regulators, investors, creditors, or other general purposes, Bridge West’s experienced cannabis team can help. We provide audit, review, compilation, preparation, and agreed-upon procedures services, and regardless of what level of assurance is needed, we’ll work to thoroughly understand your needs and your cannabis organizations goals. We will identify and address any issues with internal controls, business processes, cash flow, and other areas based on our years of experience servicing the cannabis industry.
Audits, Reviews and Compilations for Cannabis Organizations
Bridge West provides audit, review, compilation, preparation, and agreed-upon procedures services for Cannabis organizations. Our services are customized depending upon your needs, including the following: financing (angel investors, private placements, crowdfunding); adhering to state government regulations; reporting to non-participating owners; or to ensure your financial records are accurate.
Bridge West offers more than just a compliance audit and the independent review of a company’s financial statements. Based on our years of serving Cannabis clients we believe that a well-planned and properly conducted audit or review can provide valuable insight into a company’s operational efficiencies, internal controls, weaknesses, and opportunities. With this goal in mind, our cannabis audits are designed to provide information to improve internal controls and procedures, as well as, proactive tax planning strategies for 280E.
Audits for Cannabis Organizations
An audit is the highest level of financial statement services a Cannabis CPA firm can provide for your cannabis organization. The objective of an audit is for the auditor to express an opinion about whether the financial statements prepared by management are fairly presented, in all material respects. The auditor is also expressing an opinion about if they are in conformity with U.S. generally accepted accounting principles (GAAP) or, if applicable, International Financial Reporting Standards (IFRS).
An audit consists of obtaining an understanding of internal control and assessing fraud risk. It also requires corroborating the amounts and disclosures in the financial statements by obtaining audit evidence through inquiry, physical inspection, observation, third-party confirmations, examination, analytical procedures, and other procedures.
Reviews for Cannabis Organizations
A review of financial statements for your cannabis organization includes the performance of analytical procedures, inquiries, and other procedures. The objective of a review is to provide reasonable basis for expressing limited assurance that there are no material modifications that should be made to the statements in order for them to be in conformity with U.S. GAAP or, if applicable, International Financial Reporting Standards (IFRS).
Compilation for Cannabis Organizations
A compilation of financial statements for your cannabis organization is the presentation of financial statements that are the representation of management without undertaking to express any assurance on the statements.
Preparation for Cannabis Organizations
Preparation of financial statements is a non-attest service when financial statements are issued that have not been audited, reviewed, or compiled.
Agreed-Upon Procedures for Cannabis Organizations
Agreed-upon procedures involve the performance of specific procedures where findings are reported without undertaking to express any assurance about the subject matter.