Pre-Audit Services
An efficient Walker & Armstrong pre-audit facilitates a smoother, quicker, less disruptive, and less expensive annual audit.
Delegating the pre-audit process can promote timeliness and regulatory compliance, reduce the add-ons that drive up audit costs, and ease the distractions and extra work for you and your staff.
WALKER & ARMSTRONG AUDIT LEADERS
Since 1985, we have completed nearly 500 audit, pre-audit and accounting engagements for self-governing public entities (including fire districts) and tribal entities, and many more when counting not-for-profit entities and closely held companies.
WE UNDERSTAND WHAT YOUR AUDITORS NEED
We understand what your auditors need and how to provide it to them. We oversee the preparation for the annual audits of county and municipal governments, tribal governments, not-for-profit entities, and private companies. Our valuable “pre-audit” services, which make up the first step in the process of an audit, include project management and staff training in audit preparation.
During a pre-audit, the entity’s financial documents are examined to ensure that all information is correct before the entity undergoes an official audit. By providing reconciled general ledger accounts and a clear audit trail, an efficient pre-audit facilitates a smoother, quicker, less disruptive and less expensive annual audit.
We can assist with preparing, from information you provide, the following documents and schedules:
- Financial statements, notes to the financial statements, and supplementary information
- Bank reconciliations including journal entries to record the correct balances
- Receivable listings and reconciliation to the general ledger
- Fixed asset schedules, including depreciation and identification of additions and disposals
- Accrued payroll and related liabilities to the adjusted trial balance
- Reconciliation of equity accounts and identification of classifications of equity
SPECIFIC SERVICES WE PROVIDE DIFFERENT ENTITIES
Government
- Drafting government-wide financial statements and related notes
- Preparing the Expenditure Limitation Report
- Preparing the Schedule of Expenditures of Federal Awards
- Reconciling all fund balances
- Performing account reconciliations and preparing related adjustments
- Reconciling investment activity and account balances, including classification summarization
- Reconciling capital outlay expenditures to fixed asset reports and depreciations
- Receivables such as amounts “due from other governments” and taxes receivable
- Amounts due to and from other funds
- Reconciliation of capital outlay expenditures to the capital asset additions
- Debt-service expenditures to long-term-debt activity
- Debt refundings/refinancings
- Retirement obligations
- Indirect cost proposals
- Schedule of interfund transfers, including reconciliation to the adopted budget
- Reconciling the Treasurer’s cash balance to the general ledger (specific to county governments)
Not-for-Profit
- Schedule of promise to give (pledges)
- Analysis of net asset restrictions and designations
- Cost allocations between program and supporting services, including joint cost allocations
- Accounting for endowment funds
- Split-interest agreements
- Reconciling investment activity and account balances, including classification summarization
For-Profit
- Inventory
- Stock-based compensation
