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Frequently Asked Audit Questions

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

Q: MY ORGANIZATION NEEDS AN AUDIT. CAN YOU HELP ME?

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!

Q: WHY WOULD AN ORGANIZATION NEED AN AUDIT?

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.

Q: HOW MUCH DOES AN AUDIT TYPICALLY COST?

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.

Q: MY CONTROLLER/BOOKKEEPER JUST QUIT! CAN YOU HELP ME?

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.

Q: SHOULD WE ROTATE/CHANGE AUDITORS?

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.

Q: HOW DO I GET READY FOR MY AUDIT?

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.

Q: HOW DO I SELECT AN AUDITOR?

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.

Years of Experience

Efficiently unleash cross-media information without cross-media value. Quickly maximize timely deliverables. Efficiently unleash cross-media information without cross-media value. Quickly maximize maximized timely deliverables for real-time schemas. Dramatically maintain solutions. 

Dramatically maintain solutions. Efficiently unleash cross-media information without cross-media value. Quickly maximize timely fixed deliverables for real-time functional schemas.

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You also have the option to pay your invoice electronically via ACH (bank to bank transfer) at no cost to you by completing the ACH form and returning it to your accountant.

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