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Who is the Best Resource for Audit Preparation?

 
  Arthur F. Rothberg, Managing Director, CFO Edge, LLC  
   
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  Article Summary  
Thorough audit preparation is essential to ensuring a positive audit outcome and keeping audit costs in line. The audit process involves a tremendous investment of resources in both money and time, and businesses frequently don’t undertake the kind of comprehensive audit preparation that’s necessary to ensure these positive outcomes.

As a result, audit fees can increase substantially as auditors end up having to spend extra time asking for and analyzing materials that should have been included in the original prepared-by-client (PBC) documents.

This article discusses the pros and cons of the various types of resources that can be called upon for audit preparation. Included are looks at bandwidth, costs and experience levels of resources - both when a company has its own resources do audit preparation and when audit firm personnel are called in for audit preparation.

Inadequate audit preparation can lead to an audit firm having to spend hours digging into the root causes of incomplete, unknown and/or inaccurate numbers, which can be very expensive if senior partners perform this task. An outsourced CFO services provider is a much more cost-effective and efficient solution for audit preparation. Such a firm occupies the middle ground between an expensive audit firm partner and an inexpensive, but often under-qualified, junior associate.

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