There are two types of Financial Audit services offered by the Grants and Review Board:
A. Financial Systems and Controls Audit:
Assess the efficiency and effectiveness of internal controls utilized to manage the financial and accounting function of an institution. These audits are completed to promote proper standards of fiscal and management discipline and evaluate implemented measures at the process level designed to prevent, deter, and detect deviation from established controls to reduce risk and vulnerability.
B. Financial Statement Audit:
Assess whether financial statements (income statement, balance sheet, cash flow statement, etc.) present fairly, in all material respects, the financial position, results of operations, and sources and uses of funds in accordance with applicable accounting standards.