Audit Preparation
An audit can be a demanding, resource-intensive process. Key benefits of engaging a consultant for audit preparation include:
Saving time
Audit preparation services enable 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 conducting the on-site portion of the audit. Our audit preparation consultants have all performed multiple audits and therefore understand the objectives of your audit and how to communicate with your auditors. Your company’s management team can have peace of mind knowing we can save your organization a significant amount of time by supporting your team through the audit process.
Saving money on audit fees
Auditors need accurate, organized, and timely responses to document requests to complete an audit efficiently. Providing inaccurate, vague, or poorly organized information can result in additional requests and inquiries from the audit team. The quality of information provided to the audit team can determine whether or not audit adjustments are required. Our audit preparation team can assist your organization in realizing significant cost savings by reducing the auditor’s time in collecting information and preventing costly audit adjustments.
Removing audit findings
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Audits may result in significant deficiencies, material weaknesses, or questioned costs. There are a multitude of reasons for these findings, including poorly performed year-end closeout procedures, a lack of documentation, and poor communication with the audit team. Our audit preparation team can assist your organization in preparing audit schedules, reviewing documentation for accuracy before fulfilling audit requests, and advising on the proper close-out of the financial records.
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Finding Remediation
Audits may result in significant deficiencies, material weaknesses, or questioned costs. There is a multitude of reasons for these findings including poorly performed year-end closeout procedures, lack of documentation, or poor communication with the audit team. Our audit preparation team can help your organization prepare audit schedules, review documentation for accuracy before fulfilling audit requests, and advise on the proper close out of the financial records.
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​Organizations who receive Federal grant awards are at risk for Single audit findings or questioned costs resulting from noncompliance with 2 CFR 200 (OMB Uniform Guidance). Single audit findings can have a variety of negative responses from the Federal government including repayment of unallowable costs, withholding of Federal funding, and “high risk” classification which results in increased auditing, monitoring, and reporting requirements.
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Our team can assist in responding to findings and development of corrective action for swift finding resolution. We provide recommendations on how to anticipate Federal government and audit follow up to findings so your organization can demonstrate finding remediation and compliance with Federal requirements.
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Additionally, our team can perform “pre-audit” walkthrough procedures to understand the processes in place surrounding the compliance requirement(s) in question. We can determine if an internal control or compliance process lacks documentation or a necessary procedure and recommend changes for compliance. We can provide continuous or periodic monitoring to ensure the processes put in place continue to operate as intended.