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To contact us: |
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Let us carry your bags while you concentrate on the money shot |
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Caddie Consulting |
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Bridging the gap between owners and their accounting departments |
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External audit savings |
Reduce your audit fee and adjustments |
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Caddie Consulting has used its Big 4 accounting firm experience to save client’s money and reduce the time spent responding to auditor’s questions and requests. A typical annual audit for one of our clients included a full day planning meeting, over 40 hours of on site audit time, a full day audit wrap up meeting and a full day tax return overview meeting. Caddie Consulting then negotiated a reduced audit fee if we completed all of their work papers and supplied the necessary backup documentation. Since your auditor’s work papers are your property, they supplied us with all electronic documents and we copied all manually completed work papers. That year, the audit was completed with no on site audit time. This meant we also reduced lost employee production responding to the auditor’s request while they were on site. Our cost to the client was also less than the audit fee reduction. In addition, the employees had everything they needed to complete the audit work papers for next year. A perfect Win-Win scenario. A secondary benefit of completing your own work papers is the reduction of audit adjustments. In the scenario noted above, audit adjustments were reduced to 10% of the prior year total. In addition, business owners hate surprises, especially those that result in reduced profits. We can help you gain control over your financial statement accuracy. Every balance sheet item needs to be reconciled to external documents or supporting schedules to ensure that your income statement bottom line is accurate. This is a process that is not time consuming, after the initial set up. To be honest, the work papers we set up for your annual audit is perfect for the balance sheet reconciliation.
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What we can do for you |
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· Negotiate a reduction in your current audit fee · Get copies of all work papers and electronic spreadsheets used in the prior year · Complete all work papers and copy all backup documentation used to support your balance sheet accounts · Complete an analytical analysis of your income statement accounts based on discussions with your management · Train your current accounting staff to complete these work papers next year and issue them directly
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