Often, when people hear the word ‘audit’ or think of ‘auditors’, what comes to mind is people coming in to your office and digging into your records to find out what you did wrong and ruin your day. However, we like to think of ourselves as the good auditor.
An audit of your financial statements is not as intimidating as it sounds. Instead of a “gotcha” mentality, our engagement team at Price Kong strives to build mutually beneficial partnerships with our clients.
We see ourselves as your trusted advisor. While an audit may be forced upon you by regulatory or lender requirements, we work with you to make it a valuable tool for managing your business.
In addition to the standard audit opinion report, our engagement team takes the time to learn your business, your industry, and what keeps you up at night. We listen to your concerns and go the extra mile to help you find solutions to your problems. We evaluate your internal controls and help businesses maximize control effectiveness, even if it’s a small business with limited resources. We analyze your financial statements against industry averages and provide guidance on relevant experience.
At Price Kong, we view the audit process as an opportunity to help you identify positive changes for your organization. Our audit team is available to you not only during the audit process; we are your business resource throughout the year. You will have access to the most experienced team members assigned to your audit engagement, including the engagement partner. And we might even get you to enjoy financial audits!
Review & Compilation
Instead of an audit, many businesses only need a review of their financial statements, under the right circumstances. Reviews primarily consist of inquiries and analytical procedures. While a review engagement does not offer the same level of assurance as an audit, it is often a sufficient and efficient solution to your external and internal accounting needs.
Similarly, when a business only needs to have their financial statements prepared in according to US GAAP, a compilation is the most cost effective and timely solution. A compilation consist of us compiling your financial information into presentable financial statements, and no assurance is provided on compilations.
Both of these engagements offer an alternative to an audit but still give you an opportunity to have qualified professionals with knowledge of your industry involved in your financial reporting and business processes.