Expertise in Financial Reporting, Accounting, & Internal Controls
Case Study - Pre-Audit Preparation
- Performed inquiries with the client to understand their business and accounting risks;
- Reviewed their trial balance and accounting records to determine the necessary pre-audit adjustments;
- Generated adjusting journal entries and processed them through our client's accounting system;
- Prepared necessary schedules needed for the audit;
- Performed technical accounting research for transactions occurring during the reporting period documenting management's accounting position for such transactions in memos for the audit;
- Prepared full financial statements and footnotes using our firm's automated templates; and,
- Acted as primary point of contact with the company's auditors to help ensure an efficient and cost-effective audit.
Issue - A client faced its first ever financial statement audit. The company's management was stretched thin, lacked technical accounting expertise, and did not have experience drafting the required financial statement disclosures.
Actions -
Outcome - With our help, our client achieved a clean audit opinion and met its financial statement filing deadline. Our professionals leveraged their experiences as former auditors to reduce the time needed to complete the audit. We helped our client to supply workpapers, audit evidence and analysis to the audit team to conduct their engagement efficiently. The audit was completed on time and on budget.
