getsix® understands that an audit can be a challenging process, being prepared before your auditor gets started makes all the difference. Our Accounting experts – whether we are already part of your team or you just want to call on us once per year – getsix® can make sure your books and documentation are all in order, so you are ready to present to your auditor’s.
getsix® Accounting experts can help you prepare for your annual audit, while helping you respond to the auditor’s requirements during the process, as it can be a little stressful. Before your auditor or audit firm come on site, getsix® will work with you to:
- Will can review your account balances,
- Preparation of your reconciliations and schedules,
- Possibly improve documentation,
- Review your internal controls,
- Preparation of financial statements and related disclosures,
- Help with responding to auditor’s enquiries and responding to technical issues on your behalf.
Of course, if we uncover any potential problems during the preparation, getsix® will work with you to correct those issues before the audit begins.
getsix® will get you better prepared from the beginning, thus less time and resources to complete your audit
How will getsix® prepare you for an Audit?
getsix® will help you prepare for a financial audit, we know it requires more than finding a dedicated spot on your premises for the team to conduct its fieldwork.
This is where getsix® Accounting experts excel:
Adopt a positive frame of mind
Some CFOs and controllers see audit fieldwork as a meticulous disruption to their daily operations. They may resent having to explain their business operations and Accounting procedures to critical outsiders who will highlight errors and flaws in financial reporting.
While no one likes to be questioned or criticised, audits shouldn’t be confrontational. Your external auditor is a resource that can provide reassurance about your financial reporting to lenders and investors. getsix® offer fresh insights and accounting expertise, and recommend ways to strengthen internal controls and minimise risks.
Let getsix® be your liaison
With getsix® taking over your Accounting needs, we are perfectly placed to be the well-informed and available to answer enquiries and prepare document requests. This minimises any confusion or duplication of effort, as well as minimise the time that external auditors are on your premises.
getsix® will establish a timeline
No one likes delays when waiting to find out their final profit numbers or tax bill. So getsix® will work out a schedule for your audit team that includes these important dates:
- The start of fieldwork;
- Disclosure of altering journal entries and adjusted trial balance;
- Preparation of initial tax numbers; and
- Delivery of financial statements and tax returns.
We will review this timeline for potential scheduling conflicts such as vacations, holidays, medical leaves of absence, business conferences and bank and regulatory deadlines.
A benefit of getsix® being your Accounting expert
We will reconcile your accounts, thus all transactions will be entered into the Accounting system for the year. And each account balance will have a schedule that supports its year-end balance. Amounts reported on these schedules will match the financial statements. Thus, you will be ready to explain and defend any estimates that underlie account balances, such as allowances for uncollectible accounts, warranty reserves or percentage of completion.
getsix® will also have another person in your Accounting team to check the schedules for errors, discrepancies and variances from what’s expected, based on the company’s budget or the prior year’s balance. getsix® will also have to hand a be copy of the previous year’s adjusting journal entries to determine whether or not they should have been made in this year also. With getsix® allocating an internal review ensures the most effective way to minimise errors and adjusting journal entries during a financial audit.
getsix® of course reviews any recent Accounting rule changes
getsix® along with our ‘Competence Network’ constantly review the latest Accounting rules so that your financial statements comply. Another possible headache taken away from your business.
No need to evaluate your internal controls
With getsix® looking after your Accounting requirements, you will not be required to fill in gaps within your internal controls, thus drastically reducing the risks associated with fraud and financial misstatement. getsix® will look after these duties, thus no need for you to segregate duties, have managerial reviews or physical safeguards – or even documentation of these controls before fieldwork begins. As your Accounting partner, assisting you will ensure a smooth audit.
What makes getsix® different?
Helping your business prepare for your auditor’s arrival, not only facilitates the process and promotes timeliness, it also promotes a greater partnership between outsourcing your Accounting to getsix® and your business. We pride ourselves in the ‘added value’, nothing is too much trouble for us.