Audits don’t have to be painful. Our auditors deliver beneficial results while lowering your level of stress by developing a keen understanding of your business. Frost’s financial statement audit approach is based on years of experience with a variety of industries. Our audit methodology is a risk-based approach whereby we utilize our knowledge and experience to develop audit procedures focusing on critical audit areas. An experienced assessment of risk is integral to an efficient and productive financial statement audit. Frost’s approach is designed to provide year-round services to our clients. It consists of planning, interim, year-end and reporting phases. All phases include the involvement of each member of the client service team.
The Planning Phase
During the planning phase, we will:
Discuss goals and strategies with members of management
- Evaluate our understanding of your control environment
- Identify critical audit areas
- Finalize our audit strategy document and tailored audit programs
The Interim Phase
The interim phase is one of the most important phases of an audit that can improve the efficiency of your organization. During the interim phase, we will:
- Analytically review interim results
- Perform detailed testing and documentation of your internal control systems
- Provide management letter comments
- Update planning documentation
The Year-End Phase
The year-end phase of our audit consists of:
- Substantive testing
- Accuracy of financial statements
- Final review of valuation methodologies
- Valuation of finished product items
- Normal substantive audit procedures
The Reporting Phase
The reporting phase is the culmination of each of the previous phases and results in the issuance of :
- Our opinion on your financial statements
- Other reports
- Meeting with management for review
Completion of Reporting & Recommendations
Upon the completion of the reporting phase, we will continue to cycle and begin the planning phase for the next year’s audit. Perhaps, the most important aspect of our audit is the communication letters we issue your organization at the end of the engagement. It is Frost’s belief that no engagement is complete unless the service provides you with a management tool for planning for the future.
A few examples of our recommendations include:
- Assessment of new and pending financial pronouncements and their impact on the financial statements.
- Our in-depth analysis allows us to identify opportunities in areas such as tax or business valuations to save you money.
- Education on the latest business risks such as information security enhancements, disaster recovery, and new fraud schemes to help protect your organization owners, board members, and management.
Hours & contact
425 W. Capitol Ave.
Little Rock, AR 72201