Our team helps you fully prepare for your auditor.
Benefits of Using an Outside Firm for Audit Prep
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
An 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.
- 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 you questions. When you use an experienced audit prep team, your company can save money by reducing the auditor’s time in collecting information.
Can your auditing firm prepare you for an audit?
No. 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.
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 workpapers (see below)
- Review account balances
- Prepare financial statements, reconciliations and schedules
- Respond to the auditor’s technical questions on your behalf
- Compile information for tax preparation
What are Audit Workpapers?
Workpapers are the schedules you provide to auditors to support your organization’s general ledger balances. When you provide auditors with properly prepared workpapers, you save the auditor’s time and show the auditor that your financial records are in order.
Depending on your auditor’s needs, your workpapers can be paper workpapers or electronic workpapers. We can speak with your auditing firm and determine their preference.
Our Audit Preparation Experience
We have helped companies and nonprofits prepare for audits since 1987. 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 complete the form on the right of this page.
