For many businesses, a financial audit is a legal requirement. At RSM Puerto Rico, however, our clients expect the audit and assurance services delivered by professional accounting firms to go beyond financial statements. We understand the unique and individual needs and expectations of our clients. And we welcome the opportunity to serve you not only as audit specialists, but as business advisors too.
As part of our commitment to serving clients as best we can, our audit and assurance solutions are built on a business advisory approach. It looks beyond accounting entries to the underlying transactions and systems in your business. Our audit and assurance team then make informed recommendations about your internal controls, operating procedures and other critical matters.
What you can expect from our audit specialists
Our audit and assurance services place substantial emphasis on understanding your operations and fundamental business strategies. For our clients, the primary aim of our audit specialists is to help you succeed. Regular, meaningful and responsive communications are key to our audit and advisory support services. By having a sound process for the audit committee and senior management to talk to one another, our audit specialists can ensure fast and quality service.
RSM’s approach to audit and assurance is clear and consistent. We are committed to upholding the highest standards of professional competence, impartiality and objectivity at all times. It is what our clients rightly demand. Yet, it still recognizes that RSM’s audit specialists are uniquely placed to give constructive advice regarding your business. To find out more information about our audit and assurance solutions, please contact us by phone on 787.751.6164.
The audit and assurance process
- Step 1 – Preplanning
The first step with our is preplanning, which consists of a meeting with senior management. We will use this to clearly identify lines of communication, perform a fraud and risk analysis, discuss your concerns and set expectations. We will also create a preliminary timetable to make sure the audit process is a smooth one.
- Step 2 - Planning and Coordination
The next step is to complete the audit plan. This will include tailoring audit programs and procedures specific to you as the client. We will also request a list of schedules, arrange the exact time of preliminary and final fieldwork, and carry out any analytical procedures prior to the audit date.
Our will meet with your finance teams and other relevant personnel who are responsible for your accounting information systems, controls and processes, timetables and overall accounting concerns. Our specialists also evaluate any economic and industry factors that affect your operations. Once we define the major areas of audit emphasis, we will coordinate the process with your personnel.
- Step 3 - Fieldwork
Fieldwork is the largest part of the process. This step consists of both substantive auditing tests – such as confirmation work, testing samples of a population of transactions – and analytical review, which includes variance examination. Once we finish the preliminary and final fieldwork, we shall discuss the outcomes of our work with senior management. It is at this point that will outline our provisional recommendations too.
- Step 4 - Reviews
In order to make certain that our are of the highest quality, we review files and reports several times. Each of our reviews will focus on specific elements of the audit – with intentional overlap to ensure that we review every part of the audit at least twice. While our audit specialists are in the field, we will perform many of these reviews.
What is our Transition Plan?
In many cases, our audit specialists will take the place of other auditors. Once we are formally engaged, we will meet with your previous external auditors and review their work papers. This ensures we fulfil our communication responsibilities under U.S. auditing standards.
In the delivery of our audit and assurance services, we will keep you informed of any matters that we may encounter during these communications. Our team will obtain as much historical data from your previous auditors as possible. We believe that this ensures a smooth transition for all parties. And it also provides a solid foundation from which to deliver our audit services.