AUDIT & ATTEST
Our Auditors Work With You, Not Against You
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GETTING MORE THAN WHAT YOU PAY FOR
Beyond an audit’s immediate compliance function, a Larson & Company audit will:
- Provide a sound understanding of your financial situation for your finance committee members, management, your board of directors, and regulatory agencies and clients.
- Provide insight on industry best practices to help you improve your business.
- Evaluate consistency of application of your accounting principles and procedures from period to period.
- Suggest ways you might strengthen your internal control over financial reporting, including safeguarding of assets.
- Provide awareness of industry changes that may impact your organization.
COMPLETE RANGE OF AUDIT AND ATTEST SERVICES
- Financial Statement Audits
- Internal Audit and Consulting Services
- Reviews
- Compilations
- Agreed Upon Procedures
- Service Organization Controls Audit (SOC1,2,3)
- Policies and Procedures Audits
- Due Diligence Services
- Litigation Support Services
- Forensic Accounting
- Areas of Specialization:
- Insurance Companies
- Technology and Software Companies
- Manufacturing Companies
- Nonprofit Entities
- 401(k)/Employee Benefit Plan Audits
- Public and Private Companies
TEAMWORK MAKES THE DREAM WORK!
We work as a team to give you a high-quality experience through the audit process. Our communication processes and document upload software lowers the stress level for everyone. The training our audit staff receives each year is of the highest caliber, and we share that training with you at no additional cost, giving much-needed support to your accounting staff.
HOW DO I CHOOSE THE BEST AUDIT FIRM FOR A MIDDLE-MARKET COMPANY?
The best audit firm for a middle-market company demonstrates industry expertise, deep GAAP knowledge, strong internal control evaluation skills, and a partner-led engagement model. CFOs should evaluate technical competence, audit methodology, staffing consistency, and the firm’s ability to deliver strategic insights — not just compliance.
WHAT QUESTIONS SHOULD A CFO ASK WHEN INTERVIEWING A NEW AUDIT FIRM?
CFOs should ask:
• Who will be assigned to our engagement, and what is their industry experience?
• How do you approach risk assessment and internal controls testing?
• What technology do you use to streamline the audit process?
• How do you communicate issues to management and the audit committee?
• What differentiates your audit approach from competitors?
These questions help assess audit quality, efficiency, and cultural fit.
HOW IMPORTANT IS INDUSTRY SPECIALIZATION IN AN AUDIT FIRM?
Industry specialization is critical. An audit firm familiar with your sector’s regulatory requirements, revenue recognition complexities, and operational risks will reduce surprises, improve efficiency, and provide more meaningful recommendations to leadership and the board.
WHAT ARE RED FLAGS WHEN SELECTING AN EXTERNAL AUDITOR?
Red flags include:
• High staff turnover
• Vague engagement scope
• Limited partner involvement
• Weak communication practices
• Unrealistically low audit fees
These can lead to delays, compliance risk, and audit fatigue for your finance team.
HOW ARE AUDIT FEES STRUCTURED FOR MID-SIZED COMPANIES?
Audit fees are typically based on company size, revenue, transaction complexity, internal control environment, and reporting requirements. CFOs should request a transparent fee breakdown and understand what could cause fee increases year over year.
HOW CAN AN AUDITOR IMPROVE OUR INTERNAL CONTROLS AND FINANCIAL REPORTING?
A high-quality audit firm goes beyond issuing an opinion. They identify process inefficiencies, internal control weaknesses, and financial reporting risks. Strong auditors provide practical recommendations that improve accuracy, reduce risk, and support long-term scalability.
WHEN SHOULD A COMPANY CONSIDER SWITCHING AUDIT FIRMS?
Companies often switch audit firms due to service dissatisfaction, lack of industry expertise, communication breakdowns, growth into new regulatory environments, or board recommendations. A transition plan should be initiated early, prior to the year-end to be audited, in order to minimize disruption and protect reporting deadlines. Rotating the audit partner or key staff members on an audit engagement can provide some of the same benefits of changing audit firms as long as you are still happy with the service you are receiving.
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