As you are interested in reading this article further, it is highly probable that you harbor mixed feelings about your last audit. Possibly you are also already thinking of the next audit with a sense of uneasiness and wish that this time you could face your auditor from a position of power. This need can now be satisfied because I am offering you the opportunity to “level the playing field” for your company during the audit of your next annual financial statement.

Engage an experienced auditor for your next annual financial statement who will defend your interests on your side of the table and will optimize the chances of a fair and smoothly running audit. My accountancy firm, Goldstein Consulting GmbH, offers this service under the designation “Audit Consulting.”

What does “Audit Consulting” mean for your company in concrete terms?

1. A speedy audit through pre-prepared records and data
Together with your employees, I prepare for the audit in your company and make sure that all records are optimally readied so that the audit can be completed as quickly as possible.

2. Foresee matters of contention – layout counter arguments
Should issues present themselves in advance that could attract the attention of the auditor, I will work out an appropriate strategy with you beforehand and prepare arguments. If necessary, I will also prepare the personnel in your accounting department for difficult questions from the auditor.

3. Observe the audit
During the conducting of the audit, I will make sure that the auditor audits correctly and does not interpret the latitude available for maneuvering to your disadvantage. While doing this, I do not see myself as an impartial arbitrator but rather as the advocate of the interests of your company.

4. Short-notice research to ensure our own edge on information
Should differences of opinion arise during the audit concerning the assessment of the facts of a matter or a balance sheet item, I will then on short notice research relevant commentaries or fundamental rulings. If necessary, I can consult the policy principles department of the IDW (Institute of Accountants in Germany); the IDW sets the auditing standards and is thus capable of a valid interpretation.

5. Mediation of misunderstandings
I will mediate on your behalf as needed during the audit. As someone well acquainted with the auditor’s technical terminology, I am particularly capable of avoiding linguistic misunderstandings. As a colleague, audit manager and former supervisor in one of the world’s largest public auditing firms, I can also anticipate and, should the occasion arise, dispel the commissioned auditor’s fears regarding a possible liability risk.

6. Exit conference that promises success
It has been my experience that matters of contention are generally brought up during the exit conference. I will then negotiate for you on your side of the table and will be able to refer to the same commentaries, sets of rules and auditing standards that will form the basis of the argumentation of the commissioned auditor. At the same time, I am familiar with the “other side’s” argumentation patterns and discussion strategies from my decades of professional experience.

7. Critical review and editing of the draft report
As soon as the commissioned auditor has delivered the draft of the audit report, I will review it judiciously for the correct presentation of the facts as well as filter out wording that is contradictory or potentially detrimental to your company. Even problematical facts can be formulated in the audit report so as not to elicit any unnecessary bad impressions in the reader.

8. Fending off unjustified additional fee charges
If additional fees are charged, I will critically examine them and, if they are unjustified, seek to have them reduced.

Now you may be asking what makes me particularly qualified to represent you during the next financial statement. And how much extra is it going to cost you?

Kindly continue ...

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