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.
Keys 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.
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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