Because the risk assessment standards demand a higher level of performance, there will be changes in the way audits are performed. Applying these standards will result in an increase in the effort by both your entity and your audit team. Preparing for your auditors can help minimize fee increases.

Your challenges

• Understanding your responsibilities and how your audit will be different
• Assessing and documenting entity-level risks
• Documenting and evaluating the flow of transactions and key internal controls
• Understanding how key internal controls mitigate your risks
• Understanding the significant audit areas and risks in your financial statements
• Understanding the new communication requirements—and how they will impact your audit
• Preparing for your audit to save time and money on audit fees
• Fulfilling fiduciary responsibilities

Services

• Risk assessment
• Identification of key controls
• Creating and/or testing internal control documentation
• Training on the risk assessment standards
• Implementation of corporate governance and compliance procedures
• Internal audit

Best practice tools
Download samples of our best practice tools for documenting transaction flows and key controls for accounts payable:

• AP Process Flowchart
• AP Control Matrix

Industry-specific tools are also available.

Our service approach
When consulting privately-held entities on SAS 104-111, LarsonAllen follows the guidance provided by the AICPA and the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

To assess your risks and key controls, we focus on creating a collaborative, cross-functional, and flexible approach. We will build on the internal control you already have in place and together we’ll gain an increased understanding of your entity’s risks (whether from error or fraud).