audit & attestation services
for the cannabis industry
The dirt
Engaging a CPA firm to do so that will make the process as painless as possible is difficult. The transition from black market to medical marijuana to full blown legal cannabis is still evolving. Included in that evolution is the question of how we properly present financial statements for marijuana businesses, which is not a simple question by any means.There are a number of reasons to engage a CPA firm for attestation services. Most commonly, they include trying to secure some kind of loan, raising money from investors or selling your business. Folks on both sides of the deal want assurance that the financial statements are accurately stated and thus they hire an outside party to give their opinion. Although traditionally for financial statements, attestation services can span other scopes as well. Often times, investors/buyers want to be assured your company is following state regulations, passes safety and quality checks and is following a whole host of other cannabis laws. As you can imagine, this can impact your entire business from cannabis production, to management systems. You can start to see why it would be advantageous for you to contract a CPA firm that is solely focused on the cannabis industry to perform this kind of work.
Specific audit & attestation services we offer:
+ Audited Financial Statements
The highest level of scrutiny, the CPA firm is contracted to offer its opinion with a high level of certainty about whether the financial statements are free from material misstatement. Accounting jargon side, audits can be long, drawn out processes filled with headaches if both client and the CPA firm aren't on the same page. Greenbooks is in a unique position of working exclusively with the cannabis industry. When we perform procedures such as physical inspection, observation, or third-party confirmation, you contracted an expert in cannabis regulation.
+ Review of Financial Statements
Substantially smaller scope than an audit. A review of financial statements requires the CPA seeks to obtain limited assurance as a basis. While an audit may feel like we are turning your company inside out from day one, a review will be more focused on the flow of financial information, with a big emphasis on risky accounts (revenue, cash etc). Many times, smaller companies may engage in several reviews before eventually requesting a full blown audit.
+ Examination of Internal Controls
As we mentioned, its not uncommon for investors and buyers to want some third party assurance on business operations aside from just financial statements. Greenbooks is prepared to offer full assurance examination of internal controls surrounding cash management, cannabis production, state regulation processes and procedures and much more. Examinations surrounding business processes have the same level of scrutiny as an audit - the level of certainty must be high for a CPA firm to give its opinion.
+ Why Choose Green Books
We don't audit better than others - that's a silly concept. What we do bring to clients is a wealth of knowledge about cannabis regulation, recreational marijuana reporting for states where it is legal and what it takes to become a licensed applicant. This is a huge advantage to help an audit engagement go from a dreaded time-sink to a smooth operation.
Take a look:
Different attestation engagements offer varying levels of certainty. As a result, they have different requirements from your organization in order to perform. Below compares a few attestation services among the most common questions clients ask us before considering a contract.
