more-arw search

Q&A Forum

Audit adjustments - post before or after board meeting?

Quick question:

We are concluding the first external review of our financials with external CPAs. The timing is a month or so before our next board meeting. What is the usual / preferred approach - to wait until the meeting to discuss the management letter and any adjustments to be made or to go ahead and post to the management financials, with a discussion of the adjustments?

The adjustments are pretty standard / benign, so it is not so much a worry about "surprises".

Answers

EMERSON GALFO
Title: CFO
Company: C-Suite Services
LinkedIn Profile
(CFO, C-Suite Services) |

As a standard, I usually ask Boards to set up an approval structure outside formal board meetings. An approval (verbal or email) from a certain number (usually 2-3 but depending on your board composition) of directors but to be formally approved in the next meeting.

I would do these:
1, Discuss with and get approval from CEO,
2, Discuss with and get approval from Audit Chair,
3, Post or make adjustments
4. Present to full board with adjustments BUT with clear before and after picture, Depending on your Audit Chair and the types/nature of adjustments, you may be able to do away with the before and after picture...and just present the final statements.

Lledera L. Hollen
Title: ADPS Operator
Company: District Photo Inc
(ADPS Operator, District Photo Inc) |

thank you for all your support

344 views

Get Free Membership

By signing up, you will receive emails from Proformative regarding Proformative programs, events, community news and activity. You can withdraw your consent at any time. Contact Us.

Business Exchange

Browse the Business Exchange to find information, resources and peer reviews to help you select the right solution for your business.

Learn more

Contribute to Community

If you’re interested in learning more about contributing to your Proformative community, we have many ways for you to get involved. Please email content@proformative.com to learn more about becoming a speaker or contributing to the blogs/Q&A Forum.