Software company needs efficient audit

Case study - Software company needs efficient audit THE CHALLENGES A software company with over $1.3 billion in annual revenue was seeking a new audit firm. The company needed to create greater transparency around the external audit process. Specifically, company executives felt that is was essential for them to establish a greater level of communication and create an enhanced understanding of issues raised by the auditors.

WHAT THE TEAM DID Grant Thornton LLP was engaged to audit the company as a priority client. The team faced an initial challenge from the client: quickly obtaining the correct information from the company’s finance team. With that realization, the team focused the service plan on establishing a strong protocol for communications and regular status meetings. The Grant Thornton team also emphasized that communications between the company and the external auditors would often be on a real-time basis. The team outlined the audit plan and process and stuck to them.

Tech case study - Software company needs efficient auditKeys to our approach
  • On-site partner and senior manager focus
  • Issues addressed in real time
  • Consultative approach for getting management agreement to resolve issues
  • An early action plan that minimized hours incurred by the audit team
  • Focus on increasing team continuity

As the Grant Thornton team identified issues during the audit process, the client began to engage with the team to co-develop a solution that would best suit the company’s unique audit requirements. In some cases, the client’s staff handled the issues — saving time and money.

OUTCOMES The first audit came in on time and within budget. Client management — including the CEO and audit committee chair — expressed great satisfaction with the audit team’s performance. The client achieved greater visibility into issues that were occurring during the audit process and, in collaboration with the Grant Thornton team, developed the tools to help address these issues. The client also benefited from the on-site partner and senior manager time, which allowed for expedited communications and real-time resolution of issues as they arose.

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Contact: Dewayne Southern
Partner, Audit Services
T +1 919 881 2763