It does not matter how many audits you have undertaken; audit preparation is essential so that you avoid time constraints, inefficiencies, unexpected costs or inability to quickly resolve material weakness.
Audit preparation is not a one-and – done exercise, and many companies underestimate the time needed to prepare and support the audit process. Companies are typically staffed for day- to – day operations, and the added responsibilities of the audit and related requests are often overwhelming, particularly for companies undergoing their first audit, or changing auditors. Understanding and assessing the information an audit requires before that audit begins can help you avoid problems along the way. We tackle these challenges by:
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Preparing financial statements.
- Documenting complex technical accounting matters in detailed memos and position papers.
- Project management and coordination of your PBC (Provided By Client) List Response.
- Coordinating with your auditors regarding testing requests and documentation requirements.
- Meeting with your external auditors as necessary regarding complex technical accounting matters.
- Assisting with the preparation of schedules in audit – ready format.
- Preparing and maintaining a trial balance bridge for the audit – ready format.
- Completion of your disclosure checklists.
We serve as an extension of your team and bring perspective, subject matter expertise, and a team of professionals to help you get the job done. Our approach is flexible and we adopt to the changing support needs of your team as you go through the audit process.
We liaise with your external auditors because many of our professionals are former auditors. We anticipate auditor needs and provide required documentation in a format that is most efficient for their review and inclusion in work papers.
Our team frees up your internal resources and brings a tactical, pragmatic, and hands on approach whether you are preparing for your first time or subsequent audits, we are with you all the way, helping you complete your audit on time and maintain future financial compliance. As a result, your auditors gain confidence in the company’s processes and complete their procedures efficiently, while minimizing disruption to your team.