audit-services-redacted (411)

Total Cost of Ownership
1. Enterprise or Accounting Software
Maintaining your ERP and/or accounting software is critical to
accurate financial reporting. In planning for your audit services
sourcing event, work with IT to confirm that your organizations
software, hardware, and data migration capabilities will provide the
best outcomes to increase efficiencies during your audit. Additional
user licenses, training, and implementation costs may be
necessary to confirm that your financial data can interface with
external systems relating to the auditing services project.
Cost Savings Opportunities
Benchmark Price:
??? International
$ Installation Fee
$
$
$450kFlights
???
Estimated cost of
implementation of
cloud-based ERP
software
1217
Invest in training programs designed to promote more effective
financial reporting with your existing ERP applications in your
organization.
Range
Implementation
Costs
$150k $750k
2. Audit of Internal Control
Cost Savings Opportunities
In addition to an assessment of financial
reporting, an audit requires an evaluation of
management's effectiveness of internal control
over financial statements and reporting An
audit of internal control over financial reporting
is integrated with an audit of your financial
statements.
To avoid common pitfalls that may lead to an
increased investment in audit services, make
sure that finance, IT, and other business units
involved in reporting are prepared.
A collaborative effort between internal
stakeholders will help to mitigate $ risk during
your audit. Effective communication with
finance will help to better prepare the
procurement organization in the negotiation
of the audit services contract.
Using the previous audit report provided by
the incumbent supplier will also help to gain
a better understanding of the category in
general. Last years audit report has been
included as an addendum to this report.
3. Consulting Fees
Not being prepared for your audit may result in
additional consulting fees for projects
suggested by your supplier partner. Although
some of these engagements may be
warranted, others could be avoided by being
prepared to make your own recommendations
to your audit report.
Cost Savings Opportunities
Develop your own internal process improvement models based
on the previous year's audit report. Collaboration with other
internal stakeholders in finance will prepare you for your audit
and suggest corrective measures when working with your
auditor.
$
??? International
1217
$ Installation Fee
$
$
$185Flights
???
Benchmarked hourly
rates for audit services
consulting services.