Many aspects of an audit can be intimidating to those not familiar with the process. This can lead to higher audit fees and unnecessary stress.
We are here to help through a customized plan based on your needs.
Full Audit Assistance
Assistance with the preparation of financials to ensure that there should be minimal surprises during the audit itself. This would normally be performed close to the year-end of the organization. Over several years this may lower your audit fees as it should result in less work for the auditor. Management advisory services can also include the full suite of audit assistance, when engaged for the year leading up to the audit.
Work Performed during this process can include:
- Preparation of Working Papers
- Communications with Auditor
- Draft Financial Statements for Management and Council/Board Review
- Year-Ended Adjusting Entries
- Reconciliation to the Previous Year Audit
- Schedule Reconciliations
- Discussions with Funding Agencies
- Project Summary Analysis
- Review of Internal Control Documentation
If any of these appear to be an issue for your organization feel free to reach out to Frosty Squirrel to discuss details.
It should not be expected that everyone on a board or council has an extensive background in finance. Boards are recommended to have at least one person with an understanding of finance, this is not always possible. Frosty Squirrel offers a board advisory service to help governance with the audit processes, understand the results of an audit, address the general membership, review governance policies, and assist with ensuring that management is following board direction.
The board is always encouraged to ask questions about concerns they have throughout the year that they may have not thought of or chose not to ask during the audit meeting. Frosty Squirrel will do its best to explain why something was done and suggest courses of action for each situation, if needed.
Auditor Tender Assistance
Searching for an auditor and you don’t want to go through the hassle of creating a bid and dealing with the applications?
Well, Frosty Squirrel will take out the majority of the effort. Assessing your organizational needs, size and functions Frosty Squirrel will produce a package that will make the selection process easier with a pool of qualified auditors.
Audit Assistance Pricing
Due to the highly variable nature of audits, companies, and reporting structures, each audit assistance engagement will be estimated at the time of proposal.
Starting at $10,000 per fiscal year of preparation.
The factors that could significantly increase this amount include but are not limited to, consolidated statements, foreign currency, investments, or the complexity of financial statements due to the nature of operations.