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Client -
Manufacturing Firm (Name Redacted)
Project Category -
Audit Support
Project Duration
8 weeks
Live Website -
NA
Audit Readiness for a Manufacturing Company
Audit Readiness for a Manufacturing Company
Intro
First-time audits can be overwhelming for many businesses. This case highlights how we prepared a manufacturing company for a smooth external audit and secured bank financing.
Client Background
The client manufactures industrial components and sought financing for capacity expansion. Their lender required audited financial statements, which the company had never prepared.
Challenges
- Disorganized accounting records
- Missing supporting documents
- Weak inventory controls
- No reconciliations for banks, customers, or suppliers
- Outdated fixed asset records
Solution
1. Financial Cleanup
- Reconciled all key accounts
- Corrected posting errors and ensured compliance
2. Inventory & Fixed Asset Structuring
- Conducted physical stock counts
- Built a complete fixed asset register
3. Audit Schedule Preparation
- Prepared lead schedules and working papers
- Coordinated directly with auditors
4. Training
- Educated staff on maintaining audit-ready books
The audit was completed with minimal adjustments, and the client secured the required financing.
Business Goals
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