The challenge
Client's external auditor was scheduled to start fieldwork in 8 weeks. Inventory wasn't reconciled, raw material valuation was inconsistent, and there was no documentation supporting the WIP balance on the prior-year balance sheet.
Case Studies / Manufacturing
Manufacturing
Got a manufacturer audit-ready in 6 weeks before fieldwork
Client: Plastic packaging manufacturerLocation: CALABARZONEngagement: 6-week pre-audit engagement
What we did
- 1Performed a physical inventory count and reconciled to perpetual records
- 2Standardized raw material valuation methodology (moving weighted average)
- 3Reconstructed WIP costing per job order back to the start of the fiscal year
- 4Cleaned up related-party transaction documentation
- 5Drafted management's adjusting entries before the auditor arrived
"The auditor commented on how prepared we were. Last year fieldwork ran 6 weeks; this year they were done in 3."
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