Why Choose Richardson & Associates?
Cost Value -- Big 4 Firm experience --- Lower Rates ---- More Attention
We do not have any hidden fees. Unfortunately, a common practice in the audit industry is to submit low fee quotes in hopes of identifying “extra billings” during the course of the work. For example, some professional service firms will prepare additional bills for journal entries or audit findings. While this practice may help win the initial bid, it does not put the trusted business relationship on solid ground. We will never bill for any additional services not discussed and agreed upon in full prior to the start of the work. Furthermore, we encourage our clients to contact us whenever necessary for general consultations during the course of the year – all at no additional charge.
Audit Approach- Efficient and Cost-Effective
Richardson & Associates extensive experience in corporate and nonprofit auditing assures you of a systematic audit, tailored to your unique requirements.
Our audit approach is designed to be comprehensive in addressing the significant accounting and auditing issues and tailored to the unique needs of your organization. Our audit approach is segmented between our planning, testing of internal controls and major account transaction cycles, along with the substantive testing of balances for year-end financial statements. We believe audits should also be more than simply a historical compliance activity — it should provide ideas and suggestions to improve accounting procedures and internal controls and include discussions with you to review your financial statements and what they should be telling you. Our approach is to deliver an efficient and effective audit by balancing risk, value, and cost. For example, increasing audit scopes beyond the necessary procedures may tend to decrease risk, while increasing cost, and will not always lead to greater value.
Audit Work Plan- Efficient and Cost-Effective
We start our risk assessment with a brainstorming session with partners and staff assigned to the audit to determine specific Client Risk and Engagement Risk. Examples of high Client Risk would include situations where the financial position is in a deficit or perhaps there is a history of fraud or a lot of turnover at top management levels. Engagement Risk would include an analysis of the overall risk based on the types of account balances and the difficulty involved in verifying some of the balances. We also take into consideration Industry Risks that have been identified by our various Industry Group Leaders.
We Won’t Waste Your Time
During phase one we will provide you with a list of documents and files needed to complete our audit. This list will be 90% of everything we will need to support our audit. You will have access to our cloud database created just for your audit to upload files easily and you will be able to view a status report of any outstanding documents we have yet to receive.