The challenge
A UK subsidiary of a US-listed technology company needed its statutory audit completed within three weeks. The group’s SEC reporting deadline was fixed, and the UK subsidiary’s numbers had to be signed off and uploaded to the group consolidation system by a specific date.
The previous auditor had taken six weeks. The client needed a firm that could work faster without cutting corners.
What we did
We started with an accelerated planning phase. Before fieldwork began, we reviewed the prior year audit file (provided by the outgoing auditor under professional clearance), analysed the trial balance, and identified the key risk areas: revenue recognition on multi-year software contracts, intercompany pricing, and the deferred tax position.
We assigned a three-person audit team dedicated to the engagement for the full three weeks. Having the same people on site every day, rather than rotating staff, meant we didn’t waste time re-explaining the business.
Key steps included:
- Pre-fieldwork testing of controls and transaction samples using remote access to the client’s accounting system
- Daily progress calls with the client’s finance team and the US group auditor
- Real-time query resolution rather than building up a long list for end-of-fieldwork discussion
- Direct coordination with the US auditor on intercompany confirmations and group reporting requirements
The result
We completed the statutory audit in 14 working days and delivered the signed audit report two days ahead of the deadline. The management letter identified three control improvements that the client implemented before the next quarter.
The client has remained with us for three subsequent years, and we’ve maintained the same turnaround time in each period.
Key takeaway
Fast audits aren’t about doing less work. They’re about better planning, a dedicated team, and removing the bottlenecks that slow most audits down. For time-sensitive engagements, preparation before day one matters more than anything.
