At Isler of Klamath Falls, we provide a practical and sound approach to meeting your audit requirements. The need for an audit is often dictated by shareholders, investors or lenders who look to the audit's higher level of standards for greater assurance about the financial health of the entity in which they have a stake. An audit also serves as a valuable business management tool to help you run your business more effectively. Our approach to auditing is designed to harmonize these objectives and meet them efficiently and meaningfully. (Also see Objective of an audit - The financial statements - The auditor's report.)
Our seasoned auditors are trained to transform what is sometimes viewed as an intrusive event into a positive interactive experience from which valuable information about your business operations is gleaned and shared. Years of audit experience have sharpened our senses to the operational challenges and opportunities faced by business owners and management, and we tailor our audit processes to translate that experience into positive results that are unique and beneficial to each business we audit.
We place a strong emphasis on early planning to identify key audit issues related to your organization so that our audit engagements are conducted efficiently and with maximum benefit to you. Clear and regular communication with your organization's leadership is a key component of our audit approach. We also employ progressive technology in our audit tools and processes to ensure timely, efficient, and cost-effective use of all audit resources in order to maximum productivity and minimize inconvenience to our clients.
Our audit approach includes the following key elements:
- Audit planning
A successful and efficient audit begins with careful planning. Pre-audit conferences are essential in identifying key transaction issues, isolating matters of interest and opportunity, and establishing the general framework for the audit process. Proper planning promotes personal and regular communication that will carry over into every subsequent aspect of our audit engagement to keep you, your audit committee, and your management informed - from inception to delivery of our report and comprehensive management letter.
- Risk assessment
Our audit approach is designed to assess inherent risks associated with general financial records and their key components. We will perform an evaluation of your internal control systems and assess your control risk and the effectiveness of your analytical procedures in controlling and detecting risk.
- Audit tools
Our industry-tailored audit techniques, forms, and software programs streamline the routine functions of the audit process and give us the tools to be more responsive to your changing needs. Our clients' financial records are maintained in a "paperless" computer-based environment, with all audit-related records organized in a database. We encourage use of electronic copies of client records to minimize manual procedures and increase audit efficiency.