Partnership, loan or other agreements may require the annual audit of a company’s financial statements.
How to Control Annual Audit Fees
The cost of this audit can constitute a significant administrative expense. Therefore, your company’s financial staff needs to properly manage the audit fees. Although the independent accountant has the responsibility of establishing the scope of the audit required in order for him to issue an opinion on the financial statements, the company can limit the involvement of the independent accountant’s staff, in order to keep the audit fee at appropriate levels.
Adopt the following procedures to minimize annual fees. Also, assure appropriate cooperation between the company’s financial staff and the independent accountant…
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