RPC CPAs + Consultants, LLP (RPC) has merged with the nationally recognized accounting firm of Carr, Riggs & Ingram, LLC (CRI) and our offices will now operate under the name of Carr, Riggs & Ingram.
We will continue our tradition of community support and delivering quality audit, accounting, tax, and consulting services - now with enhanced service capabilities available from a regional firm that is one of the Top 20 firms in the U.S. For more informaiton regarding CRI's 50+ office locations, more than 1,800 professionals, or industry and service specializations, visit our new firm's website at www.CRIcpa.com.
Three Keys to a Successful Audit
by Danny Martinez
Auditors and auditees set out each year to have a successful audit. We believe that these three keys will assist you as an auditee in having an efficient, stress-free audit.
When establishing timelines, it is important to begin with the end in mind. We work with our clients to determine the report issuance date desired and work backwards from there to all other key audit milestones. Timelines you may want to establish with your auditor include the entrance conference, planning and risk assessment interviews, PBC (or prepared by client) workpaper dates, on-site fieldwork week(s), status update meetings, and exit conference.
We believe setting these milestones in advance and receiving buy-in from both the auditor and auditee side is critical to success.
Preparing Requested Schedules on Time
As we discussed in the establishing timelines section, having the PBC requested schedules on time is a very important part of the audit process. The most significant of these items is the trial balance. You will want to have the final trial balance prepared by the date agreed as it is a crucial piece of information used in planning many procedures in the audit.
Once you receive the PBC list, read through it, and if you have any questions about what is needed, ask your auditor right away. Pulling the wrong information can lead to inefficiencies in the audit and more stress as a client. If you’ve had the same auditor in a prior period, you may want to ask what report they received last year to make sure you are pulling the right information.
Alert your Auditor to any Potential Issues Up Front
Nobody likes surprises. If you are aware of a potential accounting or internal control issue in your organization, discuss it with your auditor up front. This will give your auditor sufficient time to plan procedures to address the issue and to adequately test it in accordance with standards. By alerting your auditor early on you not only show you are abreast of the issues in your organization, but you are doing your part in ensuring that the established timeline stays on track.
If you follow these three audit preparation tips we believe you are setting yourself up for a successful audit.