AUDITING & ACCOUNTING
What is referred to as “the books”, the accounting data that is processed day in and day out are the crux of any business. Perhaps in a singular moment or as the sum of all transactions, your business data contains essential arguments in order for owners and managers to gauge and shape their businesses. However, entranced by the “routine”, small businesses often overlook the treasure trove of information that is before them.
Using proper accounting techniques as promulgated by U.S. GAAP, as understood and implemented by a Certified Public Accountant, businesses can be exposed to a world of transparent and keen insight that only a CPA can provide. Whether you are looking for a qualified individual to run your accounting department or looking for tutorials (see Business Consulting) on what best practices are for internal accounting departments, Sletten CPA, PC can help.
The first step in commencing an audit engagement-whether internal or external-in accordance with Generally Accepted Auditing Standards (GAAS) is for our firm to meet with you. In this meeting we will introduce the individuals responsible for overseeing the audit to your company's accounting management staff. The company's chief financial officer (CFO) or accounting controller are usually the ones responsible for meeting with the auditor and discussing your accounting procedures. Our firm may also review the company's prior audit reports to determine if any material weaknesses or accounting improprieties existed in previous audits.
After the initial meeting, Sletten CPA, PC will usually select which accounting services will be done by the firm. The type of audit, number of auditors, pricing and scope of the audit are typically determined when selecting audit services. At this point, we will issue a proposal to your company. Most companies are not allowed to use the same public accounting firm for audit engagements and other accounting services, such as assurance or consultation. Limiting the number of services a public accounting firm can conduct maintains an independent relationship during the audit process.
