GAAS Audit for Small New Company
Budget: $750 – $1,500 USD
Summary
1. Scope & Standards
• Audit of Live Oak Financial LLC for the year ended 12/31/2024.
• U.S. GAAP; audit under U.S. GAAS standards.
• Independence per AICPA.
2. Required Financial Statements
2.1 Year-end FS for 12/31/2024:
– Balance Sheet
– Statement of Comprehensive Income (none to date; see note)
– Statement of Cash Flows
– Statement of Changes in Members’ Equity
– Notes
2.2 Interim FS for 6/30/2025:
– Balance Sheet
– Statement of Operations (Jan–Jun 2025)
– Statement of Cash Flows (Jan–Jun 2025)
– Reconciliation of Members’ Equity (showing capital injections)
– Management’s interim adjustments statement.
3. Deliverables
– Draft & final audited FS (Word & PDF).
– Auditor’s Report (unqualified opinion).
– Auditor’s Consent Letter (sample provided).
– Audit workpapers retained by firm.
4. Timeline
– Final FS & consent by May 30, 2025.
5. Resources & Access
– CSV of all transactions (Approx. 42 items).
– Organizational docs available on request.
6. Qualifications
– U.S. CPA firm (GAAS).
– Independence under AICPA.
– Reg A/small-issuer experience a plus.
7. Indemnification
The Company agrees to indemnify and hold harmless CPA and its partners, employees and agents from and against any and all claims, liabilities, losses, damages, costs or expenses (including reasonable attorneys’ fees) arising out of or in connection with this engagement, except to the extent finally determined to have resulted from the negligence, willful misconduct or fraudulent acts of CPA.
A Management Representation Letter will be provided upon job acceptance.
Sample Consent Letter:
[Letterhead of CPA]
May 20, 2025
Live Oak Financial LLC
[Address provided upon job completion]
Ladies and Gentlemen:
We hereby consent to the inclusion of our report dated [DATE], relating to the consolidated financial statements of Live Oak Financial LLC, in the Offering Statement on Form 1-A (including the Prospectus) of Live Oak Financial LLC.
Thank you,
CPA
1. Scope & Standards
• Audit of Live Oak Financial LLC for the year ended 12/31/2024.
• U.S. GAAP; audit under U.S. GAAS standards.
• Independence per AICPA.
2. Required Financial Statements
2.1 Year-end FS for 12/31/2024:
– Balance Sheet
– Statement of Comprehensive Income (none to date; see note)
– Statement of Cash Flows
– Statement of Changes in Members’ Equity
– Notes
2.2 Interim FS for 6/30/2025:
– Balance Sheet
– Statement of Operations (Jan–Jun 2025)
– Statement of Cash Flows (Jan–Jun 2025)
– Reconciliation of Members’ Equity (showing capital injections)
– Management’s interim adjustments statement.
3. Deliverables
– Draft & final audited FS (Word & PDF).
– Auditor’s Report (unqualified opinion).
– Auditor’s Consent Letter (sample provided).
– Audit workpapers retained by firm.
4. Timeline
– Final FS & consent by May 30, 2025.
5. Resources & Access
– CSV of all transactions (Approx. 42 items).
– Organizational docs available on request.
6. Qualifications
– U.S. CPA firm (GAAS).
– Independence under AICPA.
– Reg A/small-issuer experience a plus.
7. Indemnification
The Company agrees to indemnify and hold harmless CPA and its partners, employees and agents from and against any and all claims, liabilities, losses, damages, costs or expenses (including reasonable attorneys’ fees) arising out of or in connection with this engagement, except to the extent finally determined to have resulted from the negligence, willful misconduct or fraudulent acts of CPA.
A Management Representation Letter will be provided upon job acceptance.
Sample Consent Letter:
[Letterhead of CPA]
May 20, 2025
Live Oak Financial LLC
[Address provided upon job completion]
Ladies and Gentlemen:
We hereby consent to the inclusion of our report dated [DATE], relating to the consolidated financial statements of Live Oak Financial LLC, in the Offering Statement on Form 1-A (including the Prospectus) of Live Oak Financial LLC.
Thank you,
CPA