How to Get Your Company Prepared for an Audit
CO-CREATE | CO-DEVELOP | DELIVER
Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, this week’s guest host, and I’m back with Chip Schweiger, one of our audit directors here at the firm. Chip, welcome back to the Playbook.
Chip: Thanks, good to be here, Jen.
Jen: Now, if someone’s looking for an audit, take us through what that discussion would look like. What types of things would you ask? How would you get that discussion started?
Chip: Sure, yeah. Normally, somebody will reach out if they’re thinking about an audit. We’d encourage them to call PKF Texas, and we would come out and talk with them about their business; directionally, where is it going? One of the most important questions that I ask prospective clients is what do you want this business to be? Do you want to sell it to your children? Do you want to sell it to somebody else? Would you like to take it public? Or, would you like to get a private equity investor involved? That way, we can help calibrate our compliance services to also meet the needs, directionally, where the company is going.
Jen: So, we’re really kind of co-developing a solution with them once we find out what their needs are.
Chip: Yeah, I like how you said that. It’s a great approach, and it really helps our clients, in the long run, get to where they want to be.
Jen: Now is there anything beyond that initial discussion that they can expect once they decide, yes, I do need an audit?
Chip: We’re going to talk with them, certainly, about what the effort is involved, and which gets the fees. We’re going to talk with them about the service team and the types of experts that we’re going to put on that engagement.
Jen: Perfect. Well, thank you so much. I appreciate you being here.
Chip: Great, good to be here.
Jen: This has been another Thought Leader Production, brought to you by the PKF Texas Entrepreneur’s Playbook. Tune in next week for another chapter.