Prepared appropriate accounting workpapers. Audit request lists often include 100+ items. Putting together this supporting documentation for all balance sheet and income statement accounts is easily one of the most time consuming aspects of the financial statement audit – especially for a management team that is not familiar with the process. Many of our accountants have previously been auditors themselves, so we knew what schedules and support the auditors were looking for and prepared everything for them.
Handled inquiries and follow-up questions during the audit process. We also acted as the main point of contact for the auditor during the remainder of the process so their management team could get back to focusing on their day-to-day responsibilities.
By stepping in and correcting the company’s financial statement accounts and preparing schedules, we were able to bring the audit to a close and mitigate any additional overrun fees that would have continued to incur. Had we been engaged prior to the start of the audit, we would have fully prepared the company for the process, potentially eliminating up to $30,000 in unnecessary audit overrun fees.
The Persuader Version 2.4