The audit engagement provides the highest level of assurance on the client’s financial statements, because many important audit procedures are not required for compilations or reviews. The audit report reflects a higher level of assurance based on the more extensive procedures performed such as examining and verifying underlying documentation to support account balances, outside confirmation of account receivable balances and more extensive inquiry and analytical procedures.
We do not currently offer audit reports but, as former auditors ourselves, we specialize in preparing companies for a financial statement audit — this is one of our most popular services.
Audit preparation is a unique and forward-thinking service designed to mitigate risk and increase cost savings. As you are more and more prepared for your audit, the auditors will take away less of your time. And as the old adage goes, time does equal money. That is, money you spend on the audit and money you spend having your team work overtime.
To prepare, we first have a planning meeting with the individuals that will handle the audit. We’ll walk through the balance sheet and profit & loss statements to determine which areas to focus on and discuss any other concerns. Once we get into the details, we’ll help reconcile the major accounts and adequately prepare any schedules or work papers auditors generally request. Everything needed by the auditors is then indexed and made presentable either on hard and/or soft copy, depending on the auditor’s preference.
With our extensive service and experience in the higher education industry, we have relationships with other firms in the industry. If you have a need we may not provide, feel free to contact us so we can put you in touch with some of the best firms in the industry.