PPC is excited to announce the promotion of Madison Strong to Client Advisory Services Senior! Madison has consistently demonstrated the ability to adapt to an ever-changing environment, and has risen to every challenge asked of her, small or large. Congratulations, Madison!
PPC is excited to announce the promotion of Taylor Mohler to Audit Senior and Calvin Rhoads to Governmental Advisory Services Senior. In their relatively short time with PPC, both Calvin and Taylor have already shown a tremendous amount of hard work and dedication to their clients, departments, and to the firm as a whole. Both have quickly become trusted members of their teams, always willing to do what it takes. We are so proud of what they have accomplished so far, and we can’t wait to see what’s next!
Taylor Vasquez
Audit Senior
Calvin Rhoads
Governmental Advisory Services Senior
Price Paige & Company is changing in exciting ways. We are growing in numbers as we welcome new talent, and many of our long-standing team members are being recognized for their hard work. We’re privileged to have numerous promotions and new hires to celebrate!
Price Paige has also been busy growing in numbers as we welcome new talent. We are excited to announce the latest talented staff members that have chosen Price Paige & Company as their “place to be!”
Price Paige & Company is pleased to welcome a talented addition to our staff, Lisa D. Sherman. Lisa joins us as a member of the Client Advisory Services team. A graduate of UC Davis, she brings 20 years of experience as a financial analyst, corporate accountant, and asset manager.
If you’re new to the audit process, you might be wondering how best to prepare. It’s easier to manage the process when you know what both your and your auditor’s responsibilities are. Here’s what you can expect of your auditor, and what your auditor will expect of you.
Ongoing communication
Certain circumstances, events, or transactions may warrant an earlier conversation with or communication to your auditor. Consider a mid-year check-in with your auditor about the following:
Discussing these types of circumstances as they occur can better prepare both the organization and the auditors for the audit. If you have questions during the year about how to record something, don’t hesitate to reach out to your auditor. This approach may save you from audit adjustments at year end, as your auditor may be able to provide you with the appropriate guidance during the year to properly record the transaction.
Prior to the start of the audit
Your auditor will want to have a planning meeting to discuss items of audit significance. Before this meeting, take some time to jot down things that have happened during the year that the auditors might be interested in. Some examples include the following:
Prior to start of fieldwork
You should expect to receive a list of items required for the audit. This list may be broken into two parts for preliminary and final fieldwork. The auditor will expect you to have all of the items on the list available when they arrive for fieldwork or start the audit remotely. Prior to the start of the audit, you and your auditor should agree on which tasks or items you may need assistance with, such as preparing the depreciation schedule or the financial statements. Keep in mind the auditor cannot make management decisions or be a part of your internal control systems, so it is still your responsibility to oversee the preparation of the financial statements and accept responsibility for them.
Preliminary fieldwork
During this phase of the audit, the auditor will focus on the following:
You can expect the auditor to need to spend some time with key personnel who handle cash receipts, cash disbursements, accounts payable and receivable, payroll, and financial statement preparation, at a minimum. This may be done remotely if necessary. You should also be prepared to explain significant variances in assets, liabilities, revenue, and expenses from year to year.
Final fieldwork
Two key components to a pain-free audit are 1) preparation and 2) availability of information and persons with relevant information for the audit. The auditors will expect you to be fully prepared when they arrive to start the audit or begin the audit remotely. Audits are most effective once your books are closed and all work papers for the audit are ready for review. Once the audit begins, the auditors will be asking for additional documents and explanations, and it’s harder to meet the time demands of the audit and day-to-day job responsibilities while still working on closing the books or preparing audit work papers.
If you are fully prepared for the audit and provide all documents and information requested during audit fieldwork, you can expect that the auditors will meet the agreed-upon dates for delivery of the audited financial statements and the presentation to the board or board committee. In addition, you should expect your auditors to promptly bring to your attention any adjusting journal entries they propose and any deficiencies in internal control they note during their audit fieldwork. The auditor should give you the opportunity to discuss any internal control deficiencies to make sure you’re in agreement with the facts noted and so you have a chance to discuss any mitigating internal controls or relevant information. If any of the internal control deficiencies rise to the level of a significant deficiency or material weakness, you should expect a written communication and an opportunity to provide management’s response to the deficiency noted.
Wrapping it all up
An auditor must be independent, but the most effective auditor-client relationships are built on mutual respect and collaboration throughout the audit process. Communicating expectations and maintaining contact throughout the year helps to build that relationship and fosters a positive audit experience.
Giving back, leaving things better than you found them, and caring for and supporting our community have become clichés over the years. At Price Paige, these phrases became something more-they have been deeply ingrained in our firm’s culture from day one.
Whether it’s volunteering to clean windows and organize rooms at the Ronald McDonald House, planting flowers at Hinds Hospice, or supporting our local Boys & Girls Club, we understand that true success must include caring for our neighbors. We strive to be a firm that lives in accordance with our core values, and early on, we identified stewardship as a core value. What does stewardship have to do with philanthropy? For us, everything. We believe that any success we have enjoyed is a result of the opportunities that we have been given. Our goal is to then be good stewards of our time, treasure, and talent by giving back. Our community has so many outstanding nonprofit organizations and we are very proud to partner with them to make a difference. We look forward to a continuing partnership with the many leaders that make Fresno a better place.
We are proud supporters of these local nonprofits, many of whom are also clients. We are so honored to contribute to the betterment of our community through continued service with these partners.
