An audit provides the highest level of assurance and includes a review of internal controls, review of accounting policies and significant estimates used in the preparation of the financial statements, testing of selected transactions and communication with third parties. Based on the results of our procedures, we issue our opinion on whether the financial statements are fairly stated and free of material misstatement.
At BT&Co., we perform audits that meet the statutory requirements of the Single Audit Act for entities that spend more than $500,000 annually in federal awards.
We also perform audits that meet the Department of Labor's regulatory requirement under ERISA.
