As your auditors, we’ll go beyond the numbers and recommend opportunities for improvement
You will appreciate that Plante Moran accountants view financial statement audits as more than a routine, compliance activity. Although we will conduct an independent analysis, we will also look for information that can lead to improvements and cost savings for your organization.
You will benefit from the experience we’ve gained serving more than 1,800 healthcare providers. We will bring that background to your audits. Because of our experience, we won’t have to ask so many questions. But we understand each hospital has unique processes, so we will take time to understand your institution.
We have a hassle-free audit process that includes keeping you informed along the way so there are no big surprises.
A three-step approach to the financial statement auditing Planning:
The first step in conducting a financial audit relates to the planning and communication of audit expectations to both the audit team and client staff. This typically occurs several months in advance of year end. We consider planning to be crucial to a timely and effective audit process. This step includes meeting with your key personnel to discuss topics including, but not limited to, assistance you might require, information we need, timing, and key contacts.
Interim phase: During the interim phase of audit fieldwork, the following procedures will be performed:
- Review internal controls in place and determine which controls will be reliable
- Confirmation of our understanding of controls
- Detailed testing of transactions for major transaction cycles
- Preliminary testing of journal entries
- Testing of other control procedures
During this phase of the engagement, we will perform detailed testing of the manual journal entries posted to the general ledger to determine if the journal entries have appropriate supporting documentation. We will also review various other control areas such as timely preparation of reconciliations. Year-end fieldwork
: After completion of the planning and interim phases, we develop a comprehensive plan for testing your year-end balances. We utilize a paperless financial auditing strategy which allows financial statements to be prepared electronically in the field. We will review drafts of the statements with management and discuss any issues that arise.
The partner in charge of the engagement also will meet with the governance committee to review the drafts and the management letter.
You will appreciate our thoroughness. Your hospital will have the information it needs to make good decisions. You can depend on us to help you interpret the financial information and provide informed suggestions to improve efficiency, performance, and profitability.