We approach the audit as a service for the benefit of stakeholders. We demand audit excellence and set tough policies to achieve it. We hire talented people and invest heavily in training and tools, including systems for achieving consistency, objectivity and accountability in strict compliance with professional standards.
We also rely on experience. Our senior
people are extensively involved in the audit process and actively
communicate with your company's leadership.
We are committed to the highest standards
in performing quality audits. Our firm is a voluntary member of
the American
Institute of Certified Public Accountants Governmental Audit Quality
Center, Center
for Audit Quality and Employee
Benefit Plan Audit Quality Center.
At McGladrey & Pullen, we meet with
clients regularly. Our auditors focus on midsized companies and serve them well.
Our Audit Approach
We offer a tailored audit approach with a strong emphasis
on early planning and knowing how your business functions. This enables
us to identify key audit components and tailor our procedures to
the unique aspects of your business. The benefit to you is an effective,
cost efficient, independent audit, performed in a timely manner
by experienced professionals. Our approach involves:
- Risk assessment
We assess the risk that errors or fraud may cause a material misstatement of the financial statements. We next decide whether the identified risks of material misstatement relate to specific relevant assertions related to significant account balances, classes of transactions, or disclosures, or whether they relate to the financial statements taken as a whole and potentially affect many relevant assertions. We then determine which of the identified risks of material misstatement are significant risks that require special audit consideration. Our risk assessment process at the account-balance or class-of-transactions level consists of:
- An assessment of inherent risk (the susceptibility of an assertion relating to an account balance or class of transactions to a material misstatement, assuming there are no related controls); and
- An evaluation of the design effectiveness of internal control over financial reporting and our assessment of control risk (the risk that a material misstatement could occur in an assertion and not be prevented or detected on a timely basis by the company's internal control).
- Communications
We communicate closely and regularly with your audit committee, CFO, controller and accounting staff during the audit process. From preliminary audit planning and work, through delivery of reports and communication of internal control related materials, we strive to keep you informed.
- Audit tools
We've developed tailored internal control review techniques and forms to use on our audits. We've also developed industry-specific audit programs that are tailored by your engagement team to address critical risks specific to your company. We use field audit software programs to simplify the routine aspects of audit work.
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