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Presentation on theme: " Your First Audit and Beyond Mark Anderson, CPA & Paul Skeen, CPA Experience Eide Bailly."— Presentation transcript:

1 Your First Audit and Beyond Mark Anderson, CPA & Paul Skeen, CPA Experience Eide Bailly

2 Firm of Choice … For 49,000 clients

3 Firm of Choice … For 1,200 partners & staff

4 Eide Bailly Staff Members Staff numbers as of May 1, 2013. *Reflects Lake, Hill & Myers (July 1, 2013) STATECITYPARTNERSSTAFFTOTAL ArizonaPhoenix94857 ColoradoBoulder2911 Denver85563 Frisco/Vail167 Golden94049 Grand Junction167 IdahoBoise126577 IowaDubuque42327 MinnesotaMankato115970 Minneapolis21106127 MontanaBillings86068 North DakotaBismarck64349 Fargo37262299 Williston31518 OklahomaNorman52934 Oklahoma City44246 Tulsa42226 South DakotaAberdeen52833 Sioux Falls2485109 UtahOgden64349 Salt Lake City51924 TOTAL1851,0651,250

5 Staff Retention

6 Eide Bailly Today In business for nearly 100 years Top 25 CPA firm in the nation 22 offices in 10 states 49,000 clients 1,200 partners and staff $171M in net fees, including affiliated companies

7 Client Service Area Serve clients in nearly every state across the nation

8 What our Clients Say … … about STRONG RELATIONSHIPS. “Eide Bailly truly understands our business and the insurance industry. We have developed a strong relationship with the Firm and know we can trust them to guide us in the right direction. They have been with us through our extensive growth and provided the necessary advice and services to help us reach our business goals.” ~ Dave Breuer, Senior Vice President Finance and CFO Noridian Mutual Insurance Company

9 Business Resources Service Specialties Resource Networks Industry Expertise Core Services

10 Business Resources Core Services Audit & Assurance Tax Services

11 Business Resources Service Specialties Accounting Services Cost Segregation Employee Benefits Enterprise Risk Management Financial Services Forensic & Valuation Health Care Reform International Services Technology Consulting Transaction Services Wealth Management

12 Business Resources Industry Expertise Affordable Housing Ag Producers Closely Held Businesses Construction & Real Estate Dealerships Financial Institutions Government Health Care Insurance Manufacturing Non-Profit Oil & Gas Renewable Energy Utilities

13 What our Clients Say … … about our KNOWLEDGE and EXPERIENCE. “We have developed a strong relationship with Eide Bailly that is built on trust. Eide Bailly helped us with the sale of four banking locations. We received solid planning advice prior to the transaction as well as guidance throughout the process. I know we can count on them to provide us with the banking knowledge and experience we need in order to help us meet our future goals.” ~ Roy Terwilliger, President/CEO Flagship Financial Group, Inc.

14 Bringing Value to Our Clients Guided by our principles of integrity and professionalism, we promise a better client experience. Through caring, trustworthy relationships, we share our knowledge, expertise and insightful advice to help you with your business needs and create new possibilities.

15 What our Staff Say … … about CLIENT SERVICE. “Providing quality client service means actively listening to our clients, so we are in a position to offer solutions to their challenges and be responsive to their needs. This allows our clients to achieve greater success and profitability in their marketplace.” ~ Keith Severson, CPA Tax Partner

16 Culture: The Foundation of Success Caring for our external and internal clients with a passion to go the extra mile. Respecting our peers and their individual contributions. Conducting ourselves with the highest level of integrity at all times. Trusting and supporting one another. Being accountable for the overall success of the Firm, not just individual or office success. Stretching ourselves to be innovative and creative, while managing the related risks. Recognizing the importance of maintaining a balance between work and home life. Promoting positive working relationships. And, most of all, enjoying our jobs... and having fun!

17 What our Staff Say … … about CULTURE. “The culture at Eide Bailly has directly influenced my ability to succeed. I’m trusted in my work and have the freedom to make decisions. This trust motivates me to create my own successes and I know I have the support of the Firm. I look forward to going to work every day because I know my contributions matter and affect the Firm’s overall success.” ~ Shannon Breuer, CPA Tax Partner

18 Surviving Your Audit Bringing Efficiency to the Audit Process

19 Overview Three Phases Pre-Audit Audit Audit Wrap-up and Issuance

20 Pre-Audit Plan Ahead Realistic delivery date expectations Don’t expect the audit in 30 days Are you really ready? Historical information may bring credibility

21 Pre-Audit Relationships make or break the process Know your auditor well before the start Get to know a lot of auditors Find the cultural fit Talk to their clients and former clients

22 Pre-Audit Know who owns what Management vs. Auditor responsibilities Example engagement letter

23 Pre-Audit Know Yourself Related parties VIE’s Segments Document your processes or hire someone to do so Client background and information worksheet Honest self assessment of technical skill and available time

24 Pre-Audit Manage the Process Cover the HBM timeline spreadsheet Establish a point person as liaison to the auditors Request a list of items to be requested by the auditors Well in advance of year end Include “by when” dates

25 Audit Expect the Pain No audit is easy, but that is especially true in the first year Will require more time than you expect Emotionally prepare yourself Emotionally prepare your team

26 Audit The Binder Do a “pre-audit” Audit prep firms Have all requested items prepared and organized prior to the arrival of the auditors Client example

27 Audit Communication is the Key Weekly status updates Email ok Should be live every other meeting

28 Audit Wrap-up Don’t let the door hit you on the way out! Efficiency of a couple more days on site Preliminary draft of statements reviewed before auditors depart Expect the partner’s presence

29 Thank You

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