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38 | IA INTERIOR ARCHITECTS <br />FINANCIAL STABILITY <br />AUDITED FINANCIAL STATEMENTS <br /> <br /> <br /> <br />1 <br /> <br /> <br />To the Board of Directors <br /> and Stockholders of <br /> Interior Architects, Inc. <br /> INDEPENDENT AUDITOR’S REPORT <br /> <br />We have audited the accompanying consolidated financial statements of Interior Architects, Inc., which <br />comprise the consolidated balance sheets as of December 31, 2019, and the related consolidated statements <br />of income, comprehensive income, changes in stockholders’ equity, and cash flows for the year then ended, <br />and the related notes to the consolidated financial statements. <br /> <br />Management’s Responsibility for the Financial Statements <br /> <br />Management is responsible for the preparation and fair presentation of these consolidated financial <br />statements in accordance with accounting principles generally accepted in the United States of America; <br />this includes the design, implementation, and maintenance of internal control relevant to the preparation <br />and fair presentation of consolidated financial statements that are free from material misstatement, <br />whether due to fraud or error. <br /> <br />Auditor’s Responsibility <br /> <br />Our responsibility is to express an opinion on these consolidated financial statements based on our audit. <br />We conducted our audit in accordance with auditing standards generally accepted in the United States of <br />America. Those standards require that we plan and perform the audit to obtain reasonable assurance about <br />whether the consolidated financial statements are free from material misstatement. <br /> <br />An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in <br />the consolidated financial statements. The procedures selected depend on the auditor’s judgment, <br />including the assessment of the risks of material misstatement of the consolidated financial statements, <br />whether due to fraud or error. In making those risk assessments, the auditor considers internal control <br />relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order <br />to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing <br />an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. <br />An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness <br />of significant accounting estimates made by management, as well as evaluating the overall presentation of <br />the consolidated financial statements. <br /> <br />We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for <br />our audit opinion. <br /> <br />Opinion <br /> <br />In our opinion, the consolidated financial statements referred to above present fairly, in all material <br />respects, the financial position of Interior Architects, Inc. as of December 31, 2019, and the results of its <br />operations and its cash flows for the year then ended in accordance with accounting principles generally <br />accepted in the United States of America. <br /> <br /> <br />San Francisco, California <br />May 29, 2020