LEAH BONETTI ACCOUNTING
babm.com/accounting
Leah Bonetti is an audit senior with Kingery & Crouse, PA in Tampa, FL. Kingery & Crouse, P.A. is a full service public accounting firm with a staff of dedicated professionals providing audit (including SEC and employee benefit plan audits), tax and accounting services. You may contact Kingery & Crouse at (813) 874-1280 ext 229 or find us on the web @
www.tampacpa.com.
8 | JUL/AUG/SEP 2012
In today’s economy, business owners are naturally focused on managing and maximizing their bottom line. For many though, one budget item – the cost of the annual audit – has been difficult to rein in. Some of the reasons for this (increasing complexity, risk and audit requirements) are beyond management’s control, but there are still several ways a company can manage audit costs.
Make the Right Choice
Choosing your auditor wisely can save you the costly prospect of having to change auditors to meet your growing needs. For example, if you are a private company considering the possibility of raising public capital in the future, you should strongly consider selecting an auditor that has significant SEC experience and expertise and is registered with the Public Company Accounting Oversight Board (the “PCAOB”), since doing so could alleviate the need for “re-audits” by a PCAOB registered firm should you in fact decide to “go public.” Conversely, if you have no interest in “going public,” industry expertise might be tops on your list in auditor selection as such experience can create audit efficiencies and elicit sound advice. And always remember, the size of the firm you choose can impact the type of service you receive, considering smaller clients of any size CPA firm could receive less attention.
Expect More
The accounting industry is highly competitive today as companies are “auditing their auditors.” As a result, audit firms are focused on differentiating themselves by providing value-added services to their clients. Communicating your needs and expectations will help the firm understand your desire to receive such services, including, but not limited to:
+ Suggesting key improvements to strengthen internal controls and operating processes;
+ Providing updates regarding current developments within your industry;
+ Recommending solutions to improve cash flow and manage risk; and
+ Introducing you to qualified professionals in the areas of law, lending, and insurance.
FINANCIAL STATEMENT
AUDITS: REAPING THE BENEFITS WHILE REINING IN THE COSTS
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44