An audit can be a demanding process. Key benefits of using an outside firm for audit preparation include:

 

Saving time
Audit-prep services enables you to reduce the time spent 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 organization saves significant time.  It is also important to not underestimate the value of peace of mind. 

 

Saving money on 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 questions. This can also lead to very costly audit adjustments. When you use an experienced audit prep team, your organization can realize significant cost savings by reducing the auditor’s time in collecting information and preventing costly audit adjustments.

 

Removing audit findings

It is possible for an audit to result in findings such a significant deficiencies or material weaknesses.  Often these findings are the result of procedures not performed or poorly performed at year end (e.g. cut off procedures).  This process can alleviate these findings through proper preparation.  Not only do we help our clients prepare audit schedules, we also advise on the properly close out of the financial records with the completion of our Close Out and Financial Reporting Check List.