Audit Support Services

CPA Firms are always bound by the deadline to complete all the tasks whether it is Accounting, Catchup or Cleanup, Tax Filling, or Audit. As Auditors are responsible to check and verify all the documents and authenticate them based on financial statements, the process becomes time-consuming and requires the involvement of highly qualified resources. Independent Consulting Solutions Bermuda provides Outsourced Audit Support Services to CPA Firms and Accounting Firms. Our Outsourced audit support services aid in internal, external, IRS, forensic, sales tax, and all other types of audit processes with a well-defined auditing process. Our expert accounts auditing service is segmented into three major parts: planning, execution, and finalization to optimize the whole auditing process and harvest the best results for you. Our highly experienced audit support staff can assist in rolling forward traditional Excel workbooks or electronic audit files to much more reliable audit software.

1. Planning

We make sure to give proper attention to the planning stage to ensure all areas and work are properly coordinated among the team members. Our team helps you with the following:

  • Preparing the document and details requirement list to carry out the audit
  • Roll forward the previous year’s electronic audit file on audit software
  • Migration from a traditional excel audit file to an electronic file
  • Proper Mapping and tallying of the trial balance
  • Preliminary analytical review of the previous year’s audit file
  • Performing and documenting guidance for internal controls
  • Checking opening balances
  • Sample selection & materiality calculation
  • Checking books of accounts for their compliance with GAAP

2. Execution

For smooth execution, our expert audit team considers the following tasks:

  • Assistance in preparing, verifying, and reviewing the working papers
  • Testing internal controls and obtaining audit evidence
  • Verifying the audit evidence and indexing them
  • Summarizing audit observations, Cross-referencing the documents and submitting recommendations to make the review process easier
  • Performing casting procedures on accounts for internal consistency, and mathematical accuracy, and agreeing on lead schedules with final accounts
  • Substantive testing and Risk Assessment
  • Assistance in circulating balance confirmations
  • Conducting an end-to-end audit

3. Finalization

At the final stage, we make sure to perform the following:

  • Quality review and preparation of financial statements
  • Independent review of audit files to ensure completeness
  • Preparation of management letter points,
  • Preparation of draft memo on auditing or accounting issues
  • Preparation of risk-based internal audit reports
  • Preparation of Accounting policy and procedure
  • Internal control procedure development and implementation
  • Preparation and review of GAAP compliance checklist
  • Preparing notes to maintain proper disclosures
  • Prepare checklists to report errors to the onshore audit team to make necessary changes to the financial statements and future accounts

Xero Accounts Payable

  • Receive bills and store them online
  • Bill processing & approval
  • Payment approval and schedule payment
  • Payment Processing and Batch payment
  • Handling of vendor inquiries

Xero Accounts Receivable

  • Processing online quotes
  • Sending online invoices
  • Recording online payments from customers
  • Customers aging
  • Collections management
  • Cash forecasting & reporting

Xero Financial Reporting

  • Balance sheet
  • Income statement
  • Trial Balance
  • Cash flow statement
  • Bank reconciliation report
  • Detailed general ledger report
  • Fixed asset account management

Xero Payroll Services

  • Payroll setup
  • Payday calculations for employees & contractors and direct deposits
  • Payroll taxes calculation and form filling
  • 941, 1099, 940, 944, and quarterly state tax returns
  • Reconciliation of Payroll with Quarterly returns
  • Generate W2 form at the end of the year

Xero Bank Rconciliations

  • Bank book reconciliation with your bank statement
  • Credit card reconciliation with your statement records
  • Sequencing of checks
  • Balance sheet reconciliation

Result-oriented Solution

Explore how our Xero Accounting Services, Xero Setup Services, and other Xero solutions can help you enjoy a wide spectrum of advantages:

We have a strong understanding of the Xero platform that reduces to the bare bones of performing simple to intricate accounting, bookkeeping, and other financial jobs. We further hold proficiency in setting up this software after a detailed understanding of your business and accounting needs. This can maximize your returns over investment in this cloud accounting solution and outsourced Xero accounting services and Xero Setup services.

Our Xero bookkeeping services help you record and manage expenses, receipts, purchase orders, bank transactions, vendor bill verification, and other financial information.

Our Xero accounts receivable and payable services handle bill verification, payment processing, online quote processing, collection management, cash forecasting, etc.

Our Xero experts will empower payroll management with a tailored payroll setup consisting of employee details, taxations, and other norms. We also reconcile the payroll and returns for better evaluation of business valuation.

Our Xero bank reconciliation services help you efficiently handle the reconciliation processes of bank statements, credit card transactions, checks, demand drafts, balance sheets, etc. to track each penny invested and received.

All-inclusive Xero accounting services will keep you stress-free from all accounting jobs as from setup to generating financial reports will be handled by an expert.