Is your accounting team ready for this year's audit? Are you ready?
The key to a successful audit is proper preparation. Inadequate preparation can cause delays, excessive audit fees, and noncompliance with SEC regulations or debt covenants. While your independent auditor is responsible for the audit opinion, preparation is your responsibility. Our experienced staff can get you audit-ready quickly and cost-effectively.
Benefits of Using an Outside Firm for Audit Preparation
An audit can be very demanding on your accounting staff. Key benefits of using an outside firm for audit preparation include:
Can your audit firm prepare you for an audit?
No. Regulations prohibit auditors from auditing a company and also providing audit preparation services to that company. You are on your own or you must hire an audit preparation consultant. An independent CPA firm, not associated with your auditing firm, is the best choice for audit preparation services.
We can help you prepare. With our years of auditing experience, we understand what auditors need. We will make sure that your books and documents are in order before the audit begins. If you fully prepare for the auditors before they arrive, your process will go more smoothly. We will free up your time before the audit, and enable you to remain productive.
We can also keep your records in order throughout the year, or work with you once a year just prior to your audit.
What is involved in audit preparation?
Before the auditors arrive, we can:
What are Audit Workpapers?
Workpapers are the schedules that you provide to auditors to support your company's general ledger balances. When you provide auditors with properly prepared workpapers, you save the auditor's time and show the auditor that your financal records are in order. Depending on your auditor's requirements, your workpapers can be either paper or electronic. We can speak with your auditor and determine their preference.