Whether it’s your company’s very first audit or simply your next upcoming audit, preparation is vital. Lack of readiness can lead to timeline delays, audit inefficiency, unexpected costs, or control deficiencies and material weaknesses.
Audit preparation is not a one-and-done exercise, and many companies underestimate the time needed to prepare and support the audit process. Companies are typically staffed for day-to-day operations, and the added responsibilities of the audit and related requests are often overwhelming, particularly for companies undergoing their first audit, first PCAOB audit, or changing auditors. Understanding and assessing the information an audit requires before that audit begins can help companies avoid problems along the way. MorganFranklin tackles these challenges head on, including:
- Preparing financial statements
- Documenting complex technical accounting matters in detailed memos and position papers
- Project management and coordination of your “PBC List” response
- Coordinating with your auditors regarding testing requests and documentation requirements
- Meeting with your external auditor’s national office team as necessary regarding complex technical accounting matters
- Assisting with the preparation of schedules in audit-ready format
- Preparing and maintaining a trial balance bridge for the audit
- Completion of SEC / US GAAP disclosure checklists as required by your auditors
We are not constrained by the independence requirements with which your external auditors must comply. Instead, we serve as an extension of your team and bring perspective, subject matter expertise, and a team of professionals to help you get the job done. Our approach is flexible and we adapt to the changing support needs of your team as you go through the audit process.
Our team liaises well with your external auditors because many of our professionals are former auditors. We anticipate auditor needs and provide required documentation in a format that is most efficient for their review and inclusion in workpapers.
As a result, your auditors gain confidence in the company’s processes and complete their procedures efficiently, while minimizing disruption to your team.
Audit readiness requires not only an initial effort, but an ongoing investment of time, resources, and labor. MorganFranklin’s dedicated and experienced professionals understand the unique challenges of audit readiness, and are not constrained by the independence conflicts global audit firms often face when working with their client. Our team frees up internal resources and brings a tactical, pragmatic, and hands on approach. Whether you’re preparing for your first-time audit or subsequent audits, we’re with you all the way, helping you complete your audit on time and maintain future financial compliance.