Audit Support Services

CPA Firms are always bound by the deadline to complete all the tasks whether it is Accounting, Catchup or Cleanup, Tax Filling, or Audit. As Auditors are responsible to check and verify all the documents and authenticate them based on financial statements, the process becomes time-consuming and requires the involvement of highly qualified resources. Independent Consulting Solutions Bermuda provides Outsourced Audit Support Services to CPA Firms and Accounting Firms. Our Outsourced audit support services aid in internal, external, IRS, forensic, sales tax, and all other types of audit processes with a well-defined auditing process. Our expert accounts auditing service is segmented into three major parts: planning, execution, and finalization to optimize the whole auditing process and harvest the best results for you. Our highly experienced audit support staff can assist in rolling forward traditional Excel workbooks or electronic audit files to much more reliable audit software.

1. Planning

We make sure to give proper attention to the planning stage to ensure all areas and work are properly coordinated among the team members. Our team helps you with the following:

  • Preparing the document and details requirement list to carry out the audit
  • Roll forward the previous year’s electronic audit file on audit software
  • Migration from a traditional excel audit file to an electronic file
  • Proper Mapping and tallying of the trial balance
  • Preliminary analytical review of the previous year’s audit file
  • Performing and documenting guidance for internal controls
  • Checking opening balances
  • Sample selection & materiality calculation
  • Checking books of accounts for their compliance with GAAP

2. Execution

For smooth execution, our expert audit team considers the following tasks:

  • Assistance in preparing, verifying, and reviewing the working papers
  • Testing internal controls and obtaining audit evidence
  • Verifying the audit evidence and indexing them
  • Summarizing audit observations, Cross-referencing the documents and submitting recommendations to make the review process easier
  • Performing casting procedures on accounts for internal consistency, and mathematical accuracy, and agreeing on lead schedules with final accounts
  • Substantive testing and Risk Assessment
  • Assistance in circulating balance confirmations
  • Conducting an end-to-end audit

3. Finalization

At the final stage, we make sure to perform the following:

  • Quality review and preparation of financial statements
  • Independent review of audit files to ensure completeness
  • Preparation of management letter points,
  • Preparation of draft memo on auditing or accounting issues
  • Preparation of risk-based internal audit reports
  • Preparation of Accounting policy and procedure
  • Internal control procedure development and implementation
  • Preparation and review of GAAP compliance checklist
  • Preparing notes to maintain proper disclosures
  • Prepare checklists to report errors to the onshore audit team to make necessary changes to the financial statements and future accounts

Result-oriented Solution

Improve client and investor value propositions and reduce risk with the best outsourced audit support services

Over the years, we have been helping accounting firms and CPAs with our reliable and result-oriented offshore audit support services. We help cpa firms ensure high-quality disclosures with our end-to-end outsourced audit support services. We include jobs like matching the accounts with the accounting standards, reviewing financial statements, migrating traditional reports to the audit software, verifying audit files and evidence, performing casting procedures, preparing error checklists, creating risk identification reports, and more to help you make maximum out of our audit support service.

Team of CPA, EA, And CAs with extensive experience in Auditing and to complete the audit with quick turnaround time

End-to-end corporate audit service defines benchmarks, applicable laws, compliances, accounting standards, entities to be audited, etc. to execute the most accurate audit job and prepare the top recommendations to fill gaps and mitigate risks.

Assessment of existing reports, files, and statements to identify the gap and plan the complete account audit accordingly.

Save huge costs and scale up your business with error-free auditing carried out by expert and experienced auditors with unbiased auditing services.

Help your in-house audit and account team with a precise checklist, recommendations, and cross-referencing documents to take the necessary and corrective actions based on expert recommendations.