What to Expect in the Audit Process

THE ENGAGEMENT

Our firm is considered engaged to perform the services outlined in this proposal once the engagement letter is signed and returned to our office. Once we receive the signed engagement letter, we will contact the previous auditing firm, if any, for required information we will need to begin the audit. We will also work with the board of directors and management agent representative for any necessary information we may need in order to begin the fieldwork.

FIELDWORK

Our audit fieldwork will begin once the financial statements for the period under audit have been prepared. If the draft or final audit is needed by a certain date, please let us know in advance, so that we can make every effort to accommodate the request.

AUDIT REPORT – DRAFT

Once we complete the audit, a draft copy of the audit will be provided to the auditee for review (if requested or required). The draft package will include some or all of the following information:

AUDIT REPORT – FINAL

After the Board and the management of the company have reviewed and accepted the audit, the representation letter will need to be signed and returned to our office. Once we process the completed representation letter, the audit will be finalized. Our office will provide you with a copy of the final audit in either bound copies and/or by electronic format, depending on the preference of the auditee.

As an added service to our clients, we are available to meet with the Board and management to present the final audit and answer to any questions you may have. Additional fees will apply for this additional service.