Client Resources
Practical guidance to help your business stay prepared.
Onboarding Process
Learn about our streamlined onboarding process and how we get new client engagements up and running.
Audit Readiness
Prepare your business for a smooth and efficient audit engagement.
Common Audit Issues
Understand the most frequently encountered issues in financial statement audits.
Onboarding Process
Initial Conversation
We start with a conversation to understand your business, industry, and specific assurance needs. This helps us determine the right engagement for your company and obtain the relevant information needed to accurately prepare a proposal.
Audit Readiness
Year-end Closing of the Books
All account reconciliations, schedules, accruals, and accounting estimates should be completed and finalized prior to fieldwork. Make sure all reconciliations and detail schedules agree to the general ledger. Confirm all prior year audit entries have been recorded and prepare a final year-end trial balance.
Common Audit Issues
Frequent areas where private-company audits hit friction.
PY Audit Entries Not Recorded
Year-end timing mismatches
Errors at year-end are common when sales teams push transactions to hit targets — shipments may not match the timing of performance obligations under ASC 606.
Equity Does Not Rollforward
Embedded leases hidden in contracts
Lease classification continues to trip up private companies, particularly embedded leases inside service contracts and equipment arrangements.
Incorrect Reconciliations or Schedules
Inconsistent treatment, no written policy
Decisions for software, leasehold improvements, and smaller fixed assets often lack a documented written policy, leading to inconsistent treatment.
Insufficient IC Documentation
Disclosed late, or not at all
Disclosed late — or not at all. Common with owner-occupied real estate, affiliated entities, and family members on payroll.
Related Party Transactions
Missed covenants in loan analysis
Indicators are frequently overlooked in loan covenant analysis. A missed covenant can shift debt from long-term to current and trigger substantial doubt disclosures.
Lack of Supporting Documentation
Missed covenants in loan analysis
Indicators are frequently overlooked in loan covenant analysis. A missed covenant can shift debt from long-term to current and trigger substantial doubt disclosures.
