Building services co. needs to build a better audit process

Picture this...

You’re a building services company and have an upcoming audit. While your revenues have more than tripled in the last two years, you have not focused on acquisition integration. As a result, you have more than 25 entities using several different ERPs. You’re struggling with the adequacy of supporting documentation, availability of technical analysis and position papers, and resources to support the successful execution of the audit. You also need help pulling together a full set of consolidated annual financial statements including disclosures, and support with the completion of the auditor’s disclosure checklist.

You turn to Accordion.

We partner with your team on audit preparation, overall audit project execution, and managing and resolving outstanding audit requests. Specifically, we:

• Conduct workshops to identify and prioritize areas needing the most attention by assessing resource technical competency, transactional complexity, materiality, internal controls, and technology usage to develop financial statements.
• Review and substantiate your trial balances through available account reconciliations, accounting policies, technical memos and analysis, and develop a prioritized gap assessment.
• Address gaps by developing artifacts (workpapers and supporting schedules), documenting technical accounting memos, developing policies and procedures, and resolving issues related to the valuation of recent acquisitions.
• Correct and restate opening balances for recently purchased entities and coordinate with local controllers to ensure entries are posted correctly.
• Reconcile millions of dollars in intercompany differences.
• Partner with auditors to project manage the audit request list and act as a liaison between you and the audit teams.
• Prepare year-end consolidated financial statements (balance sheet, income statement, statement of cash flows, statement of equity) and accompanying disclosures under US GAAP, and complete the auditor’s disclosure checklist.
• Transition developed artifacts, memos, policies and procedures to the accounting team to leverage for future periods.

Your value is enhanced.

You successfully execute your financial statement audit on time and in budget. Your internal control deficiencies are now addressed. As a result, your accounting team has templates and workpapers that can be leveraged for future audits and appropriate procedures and tools in place for continued success.