Process
From scoping call to signed opinion
A statutory financial audit follows a deliberate sequence. Knowing the stages helps your finance team prepare documents, free warehouse floors for counting, and brief the audit committee without surprises.
The engagement path
Every statutory audit we accept moves through these stages. Limited reviews and agreed-upon procedures compress some steps; inventory observation disappears when the engagement does not require it.
Stage 1
Scoping conversation
We learn your entity structure, closing date, warehouse sites, and who will rely on the report. You receive a preliminary fee range and a document request list.
Stage 2
Engagement letter
Responsibilities, independence confirmations, fees, deposit, and timeline are set in writing. Work does not begin until both sides sign.
Stage 3
Planning & risk assessment
We review prior-year packs, identify significant accounts, and design tests. Related-party lists and unusual contracts are requested early.
Stage 4
Fieldwork & inventory observation
Teams work on site testing balances, observing counts, and sending bank and receivable confirmations. Issues are raised as they appear.
Stage 5
Exit meeting & opinion
Draft statements, adjusting entries, and the management letter are discussed. The signed opinion follows once evidence is complete and statements are final.
What you prepare
- Trial balances and prior-year financial statements
- Bank reconciliations and fixed-asset registers
- Access to the general ledger and supporting invoices
- Warehouse maps and count-team contacts
- List of related parties and material contracts
Ready to put a date on fieldwork?
Share your closing month and locations. We will propose a fieldwork window that respects inventory freeze dates and your lender’s calendar.
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