Preparing for an annual or first-time audit can be daunting and resource intensive. We assist our clients identify potential areas of concern, prepare audit support schedules and draft technical position papers. Independence regulations prevent an auditor from performing these services and we step in to fill the void.
Pre-Audit Case Study
Our client was facing a first time audit, lacking the experienced personnel to handle the numerous tasks necessary to prepare for auditors, we stepped in to assist through:
- Reviewing the trial balance and accounting records to determine the necessary pre-audit adjustments
- Making the necessary entries directly into the accounting software system
- Preparing the necessary accounting schedules for the auditors
- Performing technical accounting research in order to prepare position papers for auditor review
- Preparing financial statements using the firm’s automated templates and our client’s adjusted trial balance
- Utilizing our valuation experts to address private company stock based compensation under ASC 718
- Using existing tools to efficiently update financial statements and footnotes for minor audit adjustments throughout the reporting process.
- Acting as primary point of contact with the auditors to ensure a smooth and efficient audit.
Due to our extensive experience in audit preparation services, we were able to reduce the overall time our client and their auditors spent on the audit limiting any exposure to delays or excess audit fees. We also served in an advisory capacity to provide a forum for our client to raise questions about the audit process and to address issues that arose.