On Time Audit

Helping you navigate the audit and compliance maze

FAQS

Auditing and Assurance Services

  • Did you know that the nature and extent of IT General Control Testing done varies by differing regulatory frameworks and that IT general controls, in most cases, are over-tested due to some controls being described differently multiple times?

  • Did you know that the cost of an audit and other assurance services is based upon various factors including professional judgment, risks, controls, and the testing approach used?

  • Did you know that a well-developed risk assessment is key to addressing risk with limited resources?

SSAE 16 SOC 1, 2 and 3 Engagements

  • Did you know that the purpose and use of a SOC 2 is not well known and should be performed rather than a SOC 1?

  • Did you know that the cost of a SOC 1 Type II should be substantially less if your control objectives and controls have been designed properly?

  • Did you know that a SOC 2 can be performed for one or more AICPA Service Trust Principles?

  • Did you know that a SOC readiness assessment can save you a significant amount of money if you are using an upper tier accounting or consulting firm to perform your engagement?

Internal Audit Optimization Services - Why not reduce/contain your external audit fee?

  • Did you know that external audit fees can be substantially reduced by an efficient and effective Internal Audit Function?

  • Did you know that new and rotating external auditors can be more easily trained and therefore bill less hours through internal sustainable repeatable processes that they can follow?

  • Did you know that your current financial, operational, and IT controls can be leveraged to reduce overall internal and external auditing costs?

Project Management - New Systems Implementation

  • Did you know that properly defined internal controls within your ERP/financial information system could be leveraged to reduce internal operating and external auditing costs?

  • Did you know that 70% of all new systems implementations fail due to the lack of up-front participation and communication with the non-IT users of the system? Non-IT user requests are typically addressed after the majority of project costs are incurred, causing IT investment budgets and timeframes to be exceeded?

  • Did you know that new systems implementations cause business processes to change, and that if not properly planned for, cause additional work-around processes to be developed and other inefficiencies up to and impeding operations? Investment in IT is wasted when a system is designed and implemented based on “perceived or unknown” versus “actual” needs?

  • Did you know that properly defined internal controls within your ERP/financial information system can be leveraged to re-engineer process workflows, reduce head count, reduce internal controls testing, prevent fraud, and increase the quality and timeliness of information?