Sunday, 07 September 2014 00:00

Benefits of Using an Outside Firm for Audit Prep

Written by Jorge Verar, CPA,CISA,CFE
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An audit can be a demanding process for nonprofit and corporate executives. Key benefits of using an outside firm for audit preparation include:
  • Saving staff time - Audit-prep services company enables you to reduce the time your team spends on preparing audit documents. Organizations can spend as much time preparing for the audit as the audit firm spends in conducting the onsite portion of the audit. When you use an experienced audit-prep team, your company saves significant staff time.
  •  Reduced audit fees - Auditors need well-organized documents to complete an audit efficiently. If you do not organize your financial records properly, your auditors will need to spend more time asking you questions. When you use an experienced audit prep team, your company can save money by reducing the auditor’s time in collecting information.
Your auditing firm CAN NOT prepare you for an audit!
 
Regulations prohibit auditors from auditing a firm and providing audit preparation services to the same firm. You are on your own or you must hire an auditing preparation consultant. An independent accounting firm, not associated with your auditing firm, is the best choice for audit preparation services.
 
In fact, Auditors cannot make any correction on your financial statements as per SEC regulation for filers. 
 
Our team can help you prepare. With our years of auditing experience, we understand what auditors need. Our audit prep experts will make sure your books and documents are in order before the audit process starts. If you fully prepare for the auditors before they arrive, your process will go more smoothly. We will free up your time prior to the audit and enable you to remain productive.
We can keep your records in order throughout the year or work with you once a year just prior to the audit.
 

What is involved in audit preparation?

Before the auditors arrive, our team of accountants can:

  •   Compile your detail schedules and work-papers
  •   Review account balances
  •   Prepare financial statements, reconciliations, and schedules
  •   Respond to the auditor’s technical questions on your behalf
  •   Compile information for tax preparation

For large SEC fillers, we can provide a review of the internal control system to make sure you are in compliance. 

Our Audit Preparation Experience

We have helped companies and nonprofits prepare for audits. Many on our team have also worked as auditors; so, we know what auditors need. We can speak to your auditing accountants and understand their requests.

For a no obligation discussion about your audit preparation needs, please give us a call (713) 932-3080

Read 26 times Last modified on Saturday, 11 November 2017 18:02

About Us

JLVerar CPA, PLLC is not just your average Accountant. We are committed to providing close, personal attention to our clients. We take pride in giving you the assurance that the personal assistance you receive comes from years of advanced training and technical experience. Our continual investment of time and resources in professional continuing education, computer technology, and business relationships is indicative of our commitment to excellence.

 

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