When it comes to a big audit, not every firm is going to operate with the client’s individual needs in mind. In fact, sometimes process and stringency can run roughshod over what the client is hoping to gain from an audit. In this example, Wolf came to a client’s aid after an exhaustive audit left them feeling demoralized.
Background
The client’s CPA firm (a Top 10 firm) executed an audit that appeared to be designed for a Fortune 500 company, and had an expensive price tag to go with it. The audit was exhausting, tying up the client’s resources and resulting in decreased focus on the most important matters — current operations. The CPA firm was focused on all the wrong items and spending countless resources on matters that should have been addressed through discussions with decision makers. Meanwhile, the bill kept growing. By the time the audit ended, the client felt defeated, as if the audit was a “survival of the fittest” rather than a coordinated and collaborative approach. On top of that, the CPA firm provided little value-added feedback, worrying more about its stringent approach and less about the client.
Challenge
The client wanted to work with a reputable, experienced firm without the exhausting service strategy and expensive price tag. They were projected for growth and wanted to ensure they worked with a firm that could grow with them.
Outcome
Wolf was engaged by the client and was able to execute a customized audit approach, one that addressed the identified risks and provided Client with access to Wolf’s decision makers. The first year audit was completed efficiently and effectively—on time and on budget.
Takeaway
Wolf is a high-quality, cost-effective alternative to the Big Four firms.
