The American Institute of Certified Public Accountants Code of Professional Ethics prohibits auditors from preparing financial statements for clients. The client is responsible to provide the auditor with a complete set of financial statements.
Audit Independence for CPA Firms
Certified Public Accountants (CPAs) are often asked by clients to prepare their financial statements or journal entries for complex issues such as deferred taxes. The problem is that complete independence is required. The auditor cannot help its client prepare their financial statements nor can they assist them in any way.
Our Audit Independence Solution
So what can you do? You want to help your client but cannot without putting your firm and self at risk. As CPAs, Heier Weisbrot & Bernstein can help. We have the expertise to prepare your client’s financial statements with all of the required disclosures while being completely independent. The regulations do not prohibit you from referring a client to our firm.
Benefits of Working with Heier Weisbrot & Bernstein
As a result of working with us, your client as well as their bank, stakeholders and other parties interested in the financial well-being of the company can:
- Have faith that the numbers reported on the financial statement are accurate include all required disclosures.
- Trust that complex issues arising from new accounting pronouncements.
- Have a CPA prepare their financial statements without incurring the cost of hiring a full or part time employee possessing the necessary technical skills.
Your firm will benefit by:
- Remaining independent.
- Meeting your client’s needs.
- Entrusting your client to professionals with the highest ethical standards and technical competence.
- Safeguarding a valued relationship.
It’s a win-win for everyone. Our knowledgeable staff knows what information you need to audit the company’s financial statements. We will ensure that your client is ready for the audit when you are ready to do the work. All of the necessary financial statements, workpapers and supporting documentation will be available for you, eliminating the need to have your staff spend additional time in the field preparing for the audit. As a result, you can stay on schedule, work within the budget, avoid having to charge the client more money for the audit and improve the realization rate on the engagement.