Top 10 Questions To Ask Your Auditor

Many companies that require an annual audit have no idea what an audit entails or what qualifications the auditor should possess. The following is a list of some of the basic questions you should ask your auditor prior to the engagement. Find out how Cook & Associates, CPAs answers these questions and see if your current audit firm measures up.

1. Are you independent?

Auditors must be independent and objective when conducting audits. They cannot have a prior working relationship with your organization or provide in-house services. At Cook & Associates we maintain a professional relationship that keeps your best interest in mind.

2. What is your audit experience?

The managing partner at Cook & Associates has over twenty-six years experience in auditing. In that time, he has performed in excess of one hundred audits of various entities, including schools, cities, nonprofits, and other governmental entities.

3. How will you manage the engagement?

Cook & Associates is adequately staffed with professional and support personnel to provide all necessary services and to maintain personalized involvement with each client. Each audit is overseen by the managing partner. Staff members are directly supervised by the partner to ensure that the goals, objectives, and deadlines are met.

4. What type of reports do I get?

Our firm provides all reports requested by the audited entity. These generally include an Independent Auditors’ Report, Audited Financial Statements, and a Report on Internal Control. In addition, we generally provide a Management Letter to discuss operational areas that could be improved.

5. What auditing standards are used?

Auditing standards provide measures of quality that can be used to judge the effectiveness of the tests and procedures used to meet the audit objective. Standards for traditional financial audits are known as generally accepted auditing standards (GAAS) and are promulgated by the American Institute of Certified Public Accountants (AICPA) through the Auditing Standard Board.

6. What are your certifications?

Management qualifications: All audit staff at Cook & Associates have received Masters in Accounting. Both partners hold the title of Certified Public Accounting (CPA).
Professional associations: The firm is a member of the San Antonio Chapter of the Texas Society of CPAs. The firm is also a member of the Texas Association of CPAs.
Recognition: The firm was published in the San Antonio Business Journal.

7. Have you performed audits for our industry before?

Cook & Associates has performed audits for many sectors, including governmental, nonprofit, department of education, housing and urban development (HUD), and nonpublic. We are well versed in the standards and regulations applicable to each.

8. What is your service approach and methodology?

Cook & Associates thoroughly understands the nature of the work to be performed. We have developed programs and procedures designed specifically for these engagements. Both the partners and the staff will have familiarity with the organization’s operating environment due to their ongoing involvement with other clients.

9. Will you provide constructive feedback?

A management letter is provided on every engagement. This addresses internal control issues, potential areas of improvement, and an overall discussion on the health of your entity.

10. Why should we choose your firm?

You need a firm that has extensive audit knowledge, sufficient staffing, and an understanding of your entity. At Cook & Associates we strive to provide top-notch service and present your entity with the reports and feedback it needs to maintain a healthy environment.