H&M team members are deeply engrossed in the industries in which their clients work. The NEWEST installment of Q&A blog series focuses on Shannon Robinson, CPA who works in our A&A space. Read more from Shannon below:
- How long have you been with H&M?
I started at H&M in September 2006. I just hit my 15 year work anniversary. Time sure does fly when you are having fun. It doesn’t seem like it has been that long. Cheers to 15 more! One of my biggest accomplishments during those 15 years was earning my CPA license.
- What is your favorite part about working in the audit space?
My favorite part about working in the audit space is the variety that we are exposed to. We work with a variety of clients from non-profit to manufacturing so every audit is a little different. Clients use many different accounting software’s and have many different controls and ways of running their business. With variety we are not stuck doing the same thing day after day or week after week. I know some people like a routine but for me I enjoy a variety. Also, we get a change of scenery as we often go to our clients for a few days during each audit and then return back to our offices to finish things up.
- Which industries are most prone to having audit needs and why?
Since I work mostly with non-profits and manufacturers, we see several reasons why our clients need audits. Non-profits often need audits because a grantor or funder requires it or because their parent company requires it. Most manufactures need audits when the bank requires them. Being a large manufacturer you often need to take out large loans in order to purchase a piece of equipment. When the bank agrees to lend you money the loan often has loan covenants that you must meet in order to keep the loan open. One of those covenants is often to provide them with audited financial statements on an annual basis.
- What is your number one tip for preparing for an audit?
My number one tip for preparing for an audit is do not wait until year end to complete all reconciliations. Complete monthly or quarterly reconciliations so that you can clear up any questions while the information is still fresh in your mind. This will make the year end reconciliations much easier.
- What is something that happens during the audit process that you see surprise those going through it?
First time auditees are often surprised that we will ask for items subsequent to their year end that we are auditing. We are required to look for any subsequent events or transactions that might have a significant effect on the period that we are auditing. For example, if we are auditing an entity with a December 31 year end we will need to review items such as bank statements, detailed general ledgers, board minutes, and financial statements up through the date that we issue our audit report. The later the audit report is dated the more information we have to look at.
Is an audit in your future? If so, reach out to Shannon for guidance. She can be reached at: SRobinson@holbrookmanter.com