Falmouth Institute's Pre-Audit Planning and Preparation
Falmouth Institute has years of hands-on experience preparing tribal audits. Because of this unique experience, we understand what tribes need to prepare for annual audits. Our focus is to train your financial team on the tasks of preparing for the annual audit. Our team can provide expertise with both on- and off-site assistance to get you through the audit quickly, economically and with the least amount of pain.
Among our pre-audit services are the following:
-Review and supplement documentation of internal control over financial reporting
-Review transactions for appropriate supporting documentation for payroll, accounts payable and drawdowns
-Reconcile accounts payable, accounts receivable, grants receivable, deferred revenue, inventory and other assets/liabilities
-Prepare the fixed asset schedule
-Prepare final general journal entries and supporting schedules
-Generate financial statements, notes to the financial statements and SEFA
-Prepare audit confirmation letters
-Negotiate audit findings
By being ready for the audit when the auditor walks in, the audit will go faster and more smoothly. Fewer hours with your auditor means the audit will be delivered on schedule and perhaps under budget. If your time or staffing is short, we can prepare for the audit to allow your financial team to continue conducting business as usual during the entire audit process. Falmouth Institute can act as a liaison between your financial team and the outside auditors.
For more information, please call Tom Wilkins, Falmouth Institute's Business Development Specialist, at 800-992-4489 ext. 119, or click here.