If your company has gone through an audit or review before, you know the result is a critical report that will be used throughout the year to communicate with investors, lenders and other key users of your financial statements. You also know the audit process isn’t always simple and straightforward.
While there’s no way to change what needs to happen during the audit or review, there are key things you and your financial staff can do beforehand and throughout the process to help make it smoother, more efficient and less burdensome for everyone involved.
As we prepare for another financial statement season, take a moment to consider the items below that truly can make an impact.
Regarding the last item, while meeting deadlines is an important part of the process, so is producing a quality product. Every audit team has its own quality review process, and you should be aware of what your auditors’ process entails. For example, when our team conducts an audit or review, we strive to exceed our own high standards when it comes to quality as well as those defined by the AICPA, regulators and users of the financial statements. To maintain that level of quality, we employ a rigorous process that includes multiple levels of review, from the staff and manager assigned to fieldwork through the technical partner who provides a final objective review to ensure the report is technically accurate. All significant changes made during the process must run through the entire approval process before draft documents can be released. For an in-depth process like ours, communicating realistic draft deadlines from the start is critical so the engagement can be scheduled to both meet a client’s deadlines and the robust internal quality controls of our team.
Using the “checklist” we’ve provided should help make your next audit or review experience a much less stressful one!
Contact Vince Curttright at email@example.com or a member of your service team to dicuss this topic further.
Cohen & Company is not rendering legal, accounting or other professional advice. Information contained in this post is considered accurate as of the date of publishing. Any action taken based on information in this blog should be taken only after a detailed review of the specific facts, circumstances and current law.
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