810 Quincy Street | Rapid City, SD 57701
(605) 342-5630
(605) 342-2172

Audit FAQ’s

Thank you for visiting our frequently asked questions page. If you have a question please submit it using the form below or browse the most asked questions below the form.

A: Absolutely! We will listen to your concerns, ask questions to understand your operations, and propose the level of service that will best meet your needs. We offer audit, review, compilation, agreed-upon procedures, bookkeeping, and consulting services in virtually any industry. Call us to determine what service fits your situation!

A: Audits are often required by regulators to provide comfort that the financial statements they rely on are accurate. This may include bonding companies, banks, federal granting agencies, or the Department of Labor. Owners may need an audit if they are selling their company, and management or the board of directors may want an audit to have assurance their accountant is providing reliable numbers.

A: Many variables go into the cost of an audit – complexity of the accounting rules applicable to your organization, volume of activity, accuracy of the accounting, internal controls in place, nature of your operations, etc. Call our team of experts – we will ask about your operations and finances, look at a current financial statement, and provide you with a quote.

A: Of course! We have a team that is prepared to assist in all aspects of your business. We can write checks, make bank deposits, complete payroll reports, prepare financial statements, meet with your board of directors, and even assist in hiring a new controller.

A: Auditor rotation is not required for most small businesses, governments, or nonprofit organizations. Your auditor should be chosen based on their qualifications, reputation, industry experience, objectivity, and communication skills. Significant time and costs can be incurred when rotating auditors, so it should only be done when you are unhappy with the level of service or quality of work you are receiving.

A: The best way to prepare is to reconcile each of your balance sheet accounts to subsidiary ledgers and to understand financial statement fluctuations from prior years and budgeted amounts. In addition, KTLLP provides your management with a list of items the auditors will need. Having everything on this list ready in advance will help the audit process run smoothly and efficiently and allow you time during audit fieldwork to address auditor questions.

A: Your auditor should be technically competent and take the time to understand your business. Having a strong working relationship with your auditor is also critical. Click “tips to hiring a quality auditor” for important considerations in your selection process.