CFO Consulting Partners’ audit-readiness service assists public and private companies prepare a full set of GAAP financial statements, including notes, for review by its independent auditors. Workpapers are cross-referenced and references are made to supporting documentation.
Typically, in an audit readiness or pre-audit engagement we:
* Prepare and/or review a full set of GAAP financial statements, including notes, and if applicable, the MD&A section
* Research GAAP and disclosure issues and the application of accounting principles to a company’s facts and circumstances
* For public companies, draft Form 10-Ks, 10-Qs, registration statements and proxy reports
* Assure a high level of quality control, as work prepared by us is reviewed by us
* Can, if desired, help manage the external audit process from the company’s perspective
* Potential cost savings due to lower outside accounting fees
* More available time for CFOs and Controllers to focus on other company needs
* Implementation of new accounting principles, such as revenue recognition, leasing, goodwill impairment and IFRS reporting. This avoids independence issues, which prevent many accounting firms from providing this service to their audit clients.
* Resource to answer SEC and auditor comments
* Management of audit process, if desired, to ensure timeliness and minimize cost and hassle
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