Updated: Oct 9, 2019
It’s getting to be that time of year! No, not the holiday season, but audit time!
Many businesses and non-profit entities have requirements to have their financial statements audited or reviewed by an independent third-party accounting firm on an annual or quarterly basis. Audits and reviews require a great deal of time, effort and knowledge from your accounting staff, and due to new accounting standards regarding independence, the accounting firm you engage cannot assist you during the review.
There is a process to managing a financial statement audit or review. If your accounting staff does not have the time to properly oversee the engagement, or perhaps they are a strong bookkeeper but lack the experience dealing with an external audit, outsourcing the management of the audit process can actually save you time and money. Outsourcing this particular function also allows your staff to stay focused on the day-to-day operations of your business.
Here are areas where, and reasons why, NexTier Solutions can assist you with the audit process:
· This is your entity’s first audit.
· Your team does not have the experience or resources to draft financial statements under generally accepted accounting principles, or GAAP (don’t worry, you don’t need to know what that means!). Your auditor cannot do this for you.
· You have new requirements creating the need for an audit, such as a loan or credit facility.
· Your accounting staff doesn’t have the relevant experience or time or availability to manage the process.
· Last year’s audit took longer than planned, or the final cost ended up being more than the quote in your engagement letter due to inefficiencies incurred over the course of the engagement.
· Your internal staff doesn’t understand the accounting vernacular or needs assistance determining what the auditors are really looking for (if you or your staff doesn’t know what a
roll-forward is, that’s ok!)
NexTier can be your first and primary point of contact with the auditors. We can assist you with financial statement audits, broker-dealer audits, hedge fund and private equity funds, state sales and use tax reviews, or any other type of financial examination.
Contact us today and let our experienced team guide your company through the audit or review process. You will save time and money, your team will have fewer interruptions, and the audit will be completed in timely and efficient manner.