Meeting the Lease Accounting Standard Head On [Frequently Asked Questions Answered]
Our auditors are trained to efficiently conduct audit procedures and techniques in order to maximize value and minimize disruptions to our clients.
Our audit teams work with clients throughout the year, providing timely service and reducing year-end interruptions. Our professionals have extensive experience with industry-specific reporting standards.
Audits are performed based on a risk-based approach. We conduct our audits under the concept of “understanding the entity.” This concept is based fundamentally on the fact that your company’s business environment is unique. By understanding the company, we gain the necessary perspective for performing an effective audit. Our audit approach places particular emphasis on the planning phase to ensure maximum efficiency and effectiveness.
Extensive participation by the manager and partner in the financial statement audit, particularly in planning. Warren Averett positions its senior leadership as your key contacts, thus allowing for efficient use of your time.
Recognition that the accountant’s knowledge of your company is cumulative; we make a concerted effort to assign the same individuals each year to ensure continuity.
Top-down methodology with risk-based approach.
Use of technology and data in electronic form whenever practical.
In addition to downloading general ledger trial balances in electronic form, we may utilize our ACL software, active data and pivot tables to a high degree on our financial statement engagements. ACL is a data extraction and analysis package which, in instances where we are dealing with multiple locations or accounts with a large volume of transactions, enables us to use advanced analytical techniques to gain supporting evidence more efficiently than through traditional sampling techniques.
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