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Audit Preparation

Audit Preparation

At times, outside parties such as creditors, federal and state tax agencies and investors may need assurance that your financial statements accurately represent the true financial position of your organization/business; therefore, an audit or review of your financial statements be requested.

RGK Accountancy, P.C. understands how an audit and review engagements can be intimidating and sometimes costly whether they are first time or recurring engagements.  We know auditors are required to adhere to all relevant independence standards when conducting an audit or review engagements. The American Institute of Certified Public Accountants (AICPA) and the United States Department of Labor (DOL) all have rules regarding the auditor’s independence. The AICPA rules apply to those auditors who are members of the AICPA. The DOL rules apply to all employee benefit plan auditors. Therefore, auditors are required to be independent both in fact and in appearance.

When you engage a CPA firm to perform an audit or review services, RGK Accountancy, P.C. can assist you by:

  • Working hand-in-hand with your staff in cleaning up your books.
  • Booking all the necessary adjustments at year end.
  • Preparing bank reconciliations and supporting schedules that might be inquired by the auditor such as schedule of fixed assets, AR Aging Summary Reports, AP Aging Summary Reports,  and Payroll Reconciliation.
  • Preparing auditor’s “Prepared By Client” (PBC) list before the start of the audit.
  • Drafting and providing client prepared financial statements to the auditors.
  • Preparing DOL LM supporting schedules, if inquired by the auditors.
  • Interpreting and implementing auditor’s recommendations at the end of the audit.
  • Providing on-site support during the audits and working directly with the auditors to ease the stress of your staff.

By utilizing RGK Accountancy, P.C. services, the audits will run smoothly, efficiently, with lesser interruptions to your staff and at a lower cost.