Harry
Parsons
(904)
224-9773

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Scott Lanigan
(904)
224-9916

 

Financial Statement Audit

In an ironic twist, corporate scandals have brought forth a renewed sense of appreciation for the audit process. Today, companies welcome the assurance that audit reports provide to management and investors alike. These reports involve the consideration of an organization’s systems, internal controls, and financial records over a period of time. Ultimately, the users of the financial statements are looking for confidence that the information being provided has been subjected to an appropriate level of scrutiny. We provide that confidence.

A Clearly Defined Process

Though more highly regarded than ever, the audit process can appear to be complex and cumbersome for management teams. LBA seeks to simplify the process by breaking it down into a series of clearly defined phases.

Planning

No other phase of the audit process affects the success of an engagement more than the time invested in planning, including identifying the relevant risks, scopes and detailed audit approach. At LBA, formal planning is not an option. It is a policy.

Interim Field Work

We perform interim procedures at a convenient date prior to the end of the fiscal year in order to create the potential to save time during the critical year-end period. This approach enables us to identify any potential issues and discuss a resolution with management early in the process.

Year-End Field Work

During our year-end audit procedures, we continue to effectively execute our audit plan while ensuring that all critical issues have been resolved. We deliver on our agreed upon duties and provide management, and those charged with oversight, the appropriate and relevant communications.

Communication

LBA believes in close communication with management throughout the performance of the audit. Prior to the beginning of the audit process, we meet with the management team to discuss our audit approach and to address any issues or concerns. We request that a specific member of the management team serve as a dedicated representative for us to communicate with during our audit engagement. This communication includes progress reports, discussion of unresolved issues, audit findings and any administrative issues.

Audit Efficiency

The LBA audit features a computer-based electronic workpaper documentation system that provides our auditors with simultaneous access to audit workpapers and customized audit programs. This paperless system benefits our clients by promoting multiple efficiencies and enhances the security of the information we are provided. Both translate into a faster and less costly audit process for our clients.

Our approach to efficiency also encompasses the efficient use of your personnel’s time. Every effort is made to allow your staff to adequately prepare for the audit by requesting needed materials in advance and scheduling our work at times that are convenient to you, but that also allow adequate time to complete our work and meet your deadlines.