Accuracy and reliability are central to any successful audit. However, if your auditor shoots first, then asks questions later, you’re missing an important opportunity for an ongoing dialogue that could potentially grow and improve your business. DZH Phillips employs a unique process called Audit Advantage that maximizes the common audit experience by seeking out and creating ways to add value to your organization.
Audit Advantage
Most organizations view their audit process as tedious and time-consuming, but necessary, and their auditors as unapproachable and out of touch. It’s true — many auditors are so focused on the details of their work that they often fail to capitalize on one of the best opportunities that an audit presents: While all facets of your organization’s structure and systems are being laid out and examined, why not take advantage of this information and professional expertise to identify ways to grow and improve your business? DZH Phillips’ Audit Advantage is your solution. Through our unique seven-step process, we maximize your audit experience by seeking out and creating ways to add value to your organization.
Step 1– SWOT Analysis
Before the audit even begins, you’ll have a chance to meet with your auditor to discuss your organization’s current strengths, weaknesses, opportunities and risks. This conversation helps us determine how we may assist your organization in accomplishing its objectives, and what obstacles must be overcome or minimized to achieve your desired results.
Step 2 – Deliverable Game Plan
We partner with you to establish a project plan and schedule that eliminates the headaches of a traditional audit. Beginning with the end in mind, we break your project into manageable tasks and determine an appropriate timeline to complete them.
Step 3 – Team Selection
The selection of the right audit team is of critical importance for a successful workplace audit. We consult with you to choose an audit team that includes a lead auditor, auditors, and, in some cases, technical experts— ensuring your satisfaction with the capability and qualifications of all staff assigned to your audit.
Step 4 – Status Report
Throughout the audit process, you’ll receive a weekly status update from your audit team. Our commitment to ongoing, regular communication serves as a valuable opportunity to highlight and address specific issues and to revisit goals, objectives, and priorities.
Step 5 – Audit Report
We present your audited financial statements — our formal opinion regarding your organization’s financial information — to your audit committee or board of directors. Our comprehensive presentation includes key findings, recommendations, and management notes. We also present your administrative leadership and managers with formal observations in the areas that offer the greatest potential for growth and change.
Step 6 – Post-Audit Consultation
You’ll have a chance to speak with a representative from our firm who was not involved in your audit, offering an impartial perspective and the opportunity to share your thoughts on audit execution, audit team member assessment, performance against budget, lessons learned, best practices, and future audit considerations.
Step 7 – Client C.A.R.E.
We build effective and lasting partnerships with our clients, helping you do the things you already do well and offering practical strategies for improvement. Audit Advantage is your introduction to DZH Phillips’ Client C.A.R.E. program of quarterly meetings intended to identify your goals, risks, and those issues that keep you up at night.
Although the primary objective of an audit is the issuance of an opinion on the financial statements, DZH Phillips’ Audit Advantage is designed to make systems more transparent and controls more effective and includes a comprehensive, common sense review of findings. Each step of our process enhances service, understanding, and communication and leads to an in-depth knowledge of your organization, its systems, procedures, and operations.