Providing Financial Institutions with Audits and Consulting Services

PROBLEM

The Bank was not receiving timely audit reports and feedback on potential improvements that could be made to their internal control structure. Bank staff members were complaining to the CFO that they were having to spend time during the audit training the firm's audit staff due to the lack of staff continuity assigned to their engagement. The CFO was also frustrated by the lack of Partner involvement and communication being received.

SOLUTION

The CFO, as well as other members of the Bank's staff, were frustrated with the lack of communication and efficiency of the audit process. The Bank felt as though they were not able to address audit issues in a timely and effective manner due to the timing of receipt of the audit report. Internally, the Bank's staff were discouraged by the lack of their own production during the firm's audit fieldwork because they were spending too much time "training" the audit staff. We were able to come in and provide solutions through staff continuity on the Bank's engagement. We also provided constant communication, including any potential audit findings, during the audit process and delivered a timely report to the Audit Committee.