more-arw search

Q&A Forum

Preparing for audit

As a small, private company, we would like to get our first audit. To do so, we have to select an audit firm, clear up some historic numbers, and implement controls. Would like to learn from folks who went through the same route - best practice of auditor selections, and approach of how to effectively clean up past financials and get decent audit results.

Answers

Mark Miller
Title: Interim Controller
Company: Quileute Nation
(Interim Controller, Quileute Nation) |

I would ask your competitors/customers in the same industry who they use.
Having a firm w/ industry experience is a plus.
The State CPA Society's websites can select 3 names
A smaller local firm should be less expensive, but they may not have the expertise.
Select 3 firms, provide them the same information, and have each present
You can then do a matrix and select

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

To add a bit to Mark's statement, a large firm will definitely be more expensive, may not really have the expertise (exactly who does the audit) and can be over the top and their findings which will "churn" the bill.

I'm sure you know others in the industry as Mark said, ask them. As for asking the State Society, that will give you the name of the firm that schmooze the Society staff, not necessarily the right firms.

951 views
Topics

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.