Everything You Need to Know About Audit Prep for Businesses
Getting your business ready for a financial audit can be a difficult task, but it does not have to be. Audit prep will help your company save money and time when it comes time for the audit to be done. Before auditors arrive, our team of outsourced accountants can compile your workpapers, which include analyses, confirmation results, memos, schedules, and transcriptions. It is also important to review account balances, prepare financial statements, reconciliations and schedules, respond to the auditor’s technical questions on your behalf, and compile information for tax preparation.
An audit can be a demanding process for nonprofit and corporate executives. Key benefits of using an outside firm like NOW CFO for audit preparation include:
- Saving staff time
A company that provides audit prep services enables the business to reduce the time its own 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.
Audit preparation brings a lot of value to not only the client, but to the CPA firm who is conducting the audit. As a client, audit preparation can bring financial reporting process implementation, business improvement reviews, and cost reduction of audit overages and audit training for employees and management. A CPA finds value in audit preparation because of the reduction of audit risk for clients and improves client’s procedures and staff capabilities. A third-party gains value with a timely completion of an audit, reduction of overall audit costs, and improving employees and managements capabilities thereby increasing their productivity.
What Do We Offer?
Our staff of experienced former auditors can complete all tasks on an auditor’s checklist shortening the time and cost of an audit. Outsourcing audit prep leads to less frustration and not as many questions from auditors. The more questions auditors ask the longer the audit takes and the more the costs increase. Our consultants will help create an underlying schedule to support balances in accounting systems. The three primary focuses of NOW CFO consultants during audit prep are:
- Reconciliations of balance sheet and disclosures
- Revenue recognition
- Preparing financial statements and disclosures
NOW CFO consultants provide years of audit prep expertise preparing companies for audits. We offer consultants with experience as auditors that will complete the auditor’s checklist. The checklist often appears as a foreign language to CFOs and Controllers. Audits typically are time consuming and expensive. NOW CFO is here to ease that burden.
Why Do We Do Audit Prep?
Our staff of Big Four CPAs, MBAs, and consultants can immediately provide highly trained audit experts to assist your company in completing the auditor’s checklist. This will help your company save money and time on your audit. Our team excels at lessoning the headache and costs associated with an audit.
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