How to Control Annual Audit Fees

Other Category: Audit

February 9, 2010
Dan
administrative expenses, audit, auditor, audits, controlling costs, financial statements

Partnership, loan or other agreements may require the annual audit of a company’s financial statements.

The cost of this audit can constitute a significant administrative expense. Therefore, your company’s financial staff needs to properly manage the audit fees. Although the independent accountant has the responsibility of establishing the scope of the audit required in order for him to issue an opinion on the financial statements, the company can limit the involvement of the independent accountant’s staff, in order to keep the audit fee at appropriate levels.
Adopt the following procedures to minimize annual fees. Also, assure appropriate cooperation between the company’s financial staff and the independent accountant…
More at WikiCFO.com
To learn more financial leadership skills, download the free 7 Habits of Highly Effective CFOs.

[box]Strategic CFO Lab Member Extra
Access your Flash Report Execution Plan in SCFO Lab. The step-by-step plan to manage your company before your financial statements are prepared.
Click here to access your Execution Plan. Not a Lab Member?
Click here to learn more about SCFO Labs[/box]

ARTICLES YOU MIGHT LIKE

Audit Committee

July 25, 2013

An audit committee is a subcommittee of a public company’s Board of Directors. Furthermore, a Board of Directors can have several subcommittees. The committee focuses on corporate governance, specifically, the company’s internal controls and financial accounting systems. Audit Committee Membership A company’s committee typically includes a number of outside directors, or non-executive directors. In addition, a

Management Audit

July 24, 2013

See Also: Total Quality Management Capital Structure Management Activity Based Management (ABM) Retainage Management and Collection Management Definition Management Audit Definition A management audit can be defined as an audit which analyzes the effectiveness of the management team of a company. The purpose of this is seven-fold: understand current practices, relate these to company financials,

Managed Sales And Use Tax Audit Programs

July 24, 2013

See Also: Auditor Audit Committee Choose a CPA/Auditor Allowance for Uncollectible Accounts Are You Collecting Business Data? Managed Sales And Use Tax Audit Programs A managed audit is an agreement with a state’s taxing authority in which a company self-examines its own books and records. A managed audit agreement allows the company, or an outside

MARCH 28TH-31ST 2022

Days

Hours

Min

August 7-10th, 2023

Days

Hours

Min

SHARE THIS ARTICLE