Because audits draw upon both technical training and business experience, we approach each audit mindful of the long term strategy of the business, a 360° view of the business’ operating environment and any risks that need to be assessed and managed. Our four phase approach is designed for efficiency, added value and a thorough satisfaction of all audit requirements. (1) Planning, (2) Interim Work (3) Audit (4) Exit Conference. Planning is our first phase of the audit where we will establish procedures to ensure the direction of the audit meets your needs as well as those of any regulatory agency. During this phase we will gain an understanding of the internal control structure, documenting and testing the controls. Based on our study and understanding of these controls, we will plan our audit based on our risk assessment of significant audit areas.
During the next phase of interim work, we will perform detailed testing of transactions and compliance and bring to your attention any matters of concern. We will also create an actionable plan to resolve any problems identified during this phase.
At the time of the actual audit phase, the transactions occurring since the interim work phase will be tested and any remaining audit procedures will be performed. The partner-in-charge of the engagement will make a final review of the workpapers.
During the exit conference, which is the final phase of our audit process, together with management, Bederson will review the financial statements and auditor’s report and will address any matters of concern. Because our client relationships are on-going, an audit does not simply end at the issuance of a report. We normally begin our subsequent year’s audit after the completion of the current year’s audit.
