Driving change for a smooth and successful audit

Audits often present challenges, including in relation to (i) establishing effective communication channels between and among the audit team and internal and external stakeholders, (ii) addressing internal control weaknesses, (iii) meeting auditor expectations, and (iv) coordinating information-gathering efforts that result in delays and errors.

Overcoming these difficulties requires proactive collaboration among various parties, including management, the audit firm, and other third parties. We will ensure diligent preparation, effective resource allocation, and robust, agile project management practices throughout our audit readiness efforts.

Our team is comprised largely of former Big 4 professionals with significant SEC and PCAOB experience working through complex audit scenarios in both auditor and advisor capacities. We are equipped to provide ongoing support throughout the audit and to minimize challenges and delays.

Elements of a successful audit strategy

Audit evidence & financial documentation

Assess accuracy, completeness, and accessibility of data and documents for review by auditors

Coordination & communication

Provide training and guidance to personnel involved in the audit process to enhance their understanding of audit requirements and responsibilities

Training

Provide training and guidance to personnel involved in the audit process to enhance their understanding of audit requirements and responsibilities

Continuous improvement

Monitor and evaluate audit processes and outcomes to enhance audit readiness for future cycles

Compliance

Assess adherence to US GAAP or IFRS, in particular, complex accounting issues and significant judgements

Governance & internal controls

Evaluate and strengthen governance and internal controls and compliance with SOX

Common audit issues and how we can help

Insufficient or inaccurate documentation provided to auditors

We conduct document reviews to recommend improvements to meet auditor expectations, help set accuracy and completeness procedures for data and reports, and coordinate the audit request process.

Inadequate internal controls increasing the risk of errors and inconsistencies in financial reporting

‍We develop or enhance the internal control infrastructure to comply with the SEC rules governing SOX 404 reporting, using a risk-based approach, integrating business processes and information technology. In addition, we provide full outsourcing and co-sourcing services to support management’s evaluation of internal controls over financial reporting aligned with external auditor methodology to maximize reliance.

Complex accounting issues increase

‍We partner with accounting and reporting teams to address and conclude on technical accounting matters, which include working collaboratively with the auditor and their National Office.

‍Inadequate training of internal stakeholders involved in the audit

We provide customized training to internal stakeholders. Example training topics include internal control considerations related to management review procedures and completeness and accuracy procedures, an overview of the audit lifecycle, and expected audit procedures.

Lack of communication between the company and auditors, including delays in responding to audit inquiries or providing requested information

‍We can serve as an audit liaison between your auditors and internal stakeholders, helping internal stakeholders understand requested information and meeting auditor expectations.

Inadequate allocation of time and resources for audit inquiries and discussions

We work alongside accounting and reporting teams to assist, either on an ad hoc basis or a co-source arrangement, in fulfilling audit requests and addressing audit inquiries, providing overall project management throughout the audit process, assisting with financial reporting and disclosure preparation, or setting up financial reporting processes for new public companies.

Our approach

Our audit readiness services provide customized assistance spanning from audit preparation to reporting.
We collaborate with organizations to streamline the audit process, easing external audit complexities and resource burdens.

Experience

Our team has significant experience successfully working with Big 4 and other large firms from the planning through reporting phases of audit engagements.

Innovation

We offer customized project plans to support organizations at every stage of the audit process.

Integration

We are a trusted partner that seamlessly integrates with client teams to foster a collaborative environment.

Scale

We create scalable and sustainable processes, enabling long-term success.

Our services

Audit assistance

We collaborate with clients through every phase of the audit – coordinating with external auditors and internal stakeholders, third-party coordination, managing audit requests and support organization, and overall project management.

Technical accounting and financial reporting

We assist in preparing quarterly and annual financial statements and disclosures under US GAAP (or IFRS) and SEC requirements, providing technical accounting assistance, and improving financial close and reporting processes. In addition, we assist with IPO execution and support new public companies with financial reporting requirements.

Outsourcing

We provide staff augmentation and Internal Audit outsourcing support to provide ongoing support throughout the audit related to evaluating the design and operating effectiveness of internal controls to support management’s internal control over financial reporting assessment.

SOX compliance

Our services range from performing a SOX readiness assessment to developing an internal control framework for compliance with SOX 404. Utilizing a top-down risk-based approach, we work alongside management and collaborate with internal audit departments to establish an internal control framework.

Driving change for a smooth and successful audit​