Audit Consulting (Part 3)

Eminently qualified to represent you and assert your interests

I have taken part in hundreds of audits over the last twenty years, including those of a number of world-renowned German companies. After earning my degree, I worked for the industry leader, Ernst & Young, eventually as a Partner in the audit department of their branch office in Germany’s capital, Berlin.

Ten years ago I went into business for myself with the accounting firm, Goldstein Consulting GmbH, where I am also constantly conducting annual accounts audits as an appointed auditor.

So I am well familiar with what the large and the small accountancy firms have in common in audit strategies and procedures and where their differences lie. You will find further information about my career under FAQ in the menu.

Moreover, for many years I have been instrumentally involved in the training of the next generation of professionals. Operating under the aegis of the Chamber of Public Accountants, the Institute of Accountants in Germany (IDW) has entrusted me during this time with hundreds of training course participants, whom I teach auditing strategies and procedures in compliance with the binding principles of the IDW in week-long seminars. In addition, I am the author of the teaching materials used.

There is hardly anyone who is as familiar with the actual IDW guidelines as I am. The fair and correct conducting of an audit is a matter of personal concern to me.

I am also equally as familiar with the legally established quality assurance for auditors (Peer Review) that recently additionally regulates the auditor’s activities. The Goldstein Consulting GmbH was one of the very first firms in Germany that was authorized to carry out quality assurance tests in other accountancy firms.

Again and again in recent years I have provided advice to audited companies during their annual accounts audit; although this only took place upon specific request, it did make me aware of the increasing demand for Audit Consulting. The alarming development that I described in the introduction to this article has motivated me to offer this activity as an independent service of Goldstein Consulting GmbH.

How much does such an Audit Consulting cost?

The fees for Audit Consulting are orientated on the fees of the appointed auditor of the annual accounts statement in question. As a rule, it amounts to 20 percent of the appointed annual accounts auditor’s fee.

Included in this fee are all eight of the elements listed in Audit Consulting; in rare cases, extra expenses could be incurred, for example, for work outside the Berlin/Brandenburg Region (documented, of course).

If you only want to take advantage of certain services in the package described above; for example, a critical review of the draft of the auditor’s report or my participation in the exit conference, then an hourly fee can also be the basis of billing. In this case, the hourly fee is 210 euro plus 19%VAT.

The additional 20% on top of the auditor’s fee pays for itself very quickly, whether it is the savings gained by avoiding additional work by the appointed auditor through appropriate preparation or better defense against additional charges. In addition, experience has shown that the “observation” of the appointed auditor by an auditor hired by you results in a quicker and more smoothly running audit, meaning your company can sooner focus its attention again on daily business – this too has its cash value.

Considering the financial disadvantages that can result from a poorly formulated audit report with investors, banks or in the evaluation of your company, my fee could prove to be one of the best investments your company could make.

Find out more now!

As you have read this article to the end, I assume that the irritations mentioned at the start are not unknown to you. Forget them! 

• Worry about them no longer and level the playing field for your company in the next audit of your annual accounts.
•  Do away with the information advantage that appointed auditors use to hide behind and cite relevant commentaries and rulings yourself.
• Invoke powerful arguments in the same language auditors use if you want to have them respect the options you favor.
• Avoid the risk of your company being imposed with an unnecessary burden through ignorance or an adversity to risks.

If I have aroused your interest, then give me a call. Regardless of whether or not you are now ready to use the advantages of my Audit Consulting, I would be pleased to hear your feedback, questions, or suggestions.

 

You can reach me in my office daily Monday through Friday from 9 am to 6pm by dialing

 

Tel. (030) 3030 8999
 

I am looking forward to your call.

Your

Annette Goldstein

 

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