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A Focus on Value: How your audit budget is built

Many people view an audit as a commodity. The audit is required by your investors or regulators and nothing more than an expense. Unfortunately, that myth has been further supported by audit firms who slash their fees to win work, only to raise them or nickel-and-dime clients in future years. At Wolf & Company we design our audits with a focus on achieving value for the client. 

Planning an Efficient Audit

While it is not required by any auditing standard, we view the Kick-off meeting that our upper management has with you and an integral part of where we create value for you. In this meeting we talk about the complex accounting situations you may have so we can gain a better understand your business, internal controls and development pathway. We take all of this information and using the lessons we have learned over hundreds of technology company audits, design an audit specifically for your situation.

Owner and Manager Level Involvement

The engagement owner assigned to your audit is more than just a figure head who signs off on the finished product. We design high level involvement with your engagement from kick-off all the way through to completion. Additionally, we have very low turnover in our management ranks so the team you work with this year will be with you in future years. Because our owner and management team is so involved, you don’t spend time training our staff on your business. We have already done that by communicating with the engagement team prior to fieldwork beginning and staying involved throughout the process. 

Communication after the Report is Final

Many audit firms send you the final report and that’s the end of the communication. If you want more interaction expect to receive a bill. We view our role as ongoing and our fixed fee pricing reinforces that. It’s likely that you will have more questions as the audited financial statements are shared with management, your Board of Directors and the Audit Committee. If you would like us to review the results of the audit and answer additional questions, we’re available to you without extra expense. We’re about providing support throughout the year and discussing potential impact and hypothetical outcomes with you. During a discussion with you, if we determine the issue warrants a special project or requires a more formal conclusion, we will provide you with a fee estimate so you can be fully informed before any work is done.

The opportunity to access the expertise of your auditor can make all the difference between a compliance-only relationship and a value-added one.  Sometimes we will be the lowest fee option, other times we won’t be, but since we view the audit as a way to better manage the challenges ahead, we think it’s an investment worth making. If the firms you’re talking with can’t share with you examples of how they have created value for clients, you may be considering the wrong CPA firms.