Question 1

Client concern: The audit team spends a lot of time in the field and the organization’s management cannot complete their day-to-day job.

Accepted Answer

TBFoster’s solution: With modern technology there is no longer a need for audit teams to spend weeks at a time at your offices taking up your conference room. We work remotely as much as possible to allow your team flexibility in getting items completed along with their day-to-day tasks. If we need to be in the field, we are only there for a maximum of 4 days a week to allow your team at least one day during the week without the auditors around.
 
Benefit to your organization: This strategy allows your team to catch up on open audit items and their own tasks that could otherwise fall behind during this time.

Question 2

Client concern: Staff are not consistent from year-to-year.

Accepted Answer

TBFoster's solution: At TBFoster our staffing model is very different from industry norm and more like any other large company. An eperienced manager leads a team of specialists in a specific audit area lead by a team manager who also specialises in that audit area. For example, instead of having a new person do the cash, prepaids, property and equipment, and accruals and liabilities for 9 months, we have a team that just does cash, and a different team does prepaids, etc. A manager who oversees just this part of the engagement--not the whole engagement. This allows our staff to spend a considerable amount of time in one area and become masters of the audit process. For more information please see our staffing page.(javascript:void(0))
Benefit to your organization: Our staff are experts in one area, understand the controls, risks, and audit procedures around one area. Next year when we return to the engagement, the same person will be auditing the same sections they did last year. Therefore, for example, not only will they have seen cash 100 times vs. 12 times like other firms, but they also will have worked on your cash cycle and understand your systems and controls. This is a huge benefit to you as there is no more repeat training. Our teams get in and out faster, and give you more time to keep up with your normal business operations during the audit.

Question 3

Client concern: Inexperienced auditors do not know the organization’s business or how to account for the specific not-for-profit accounting items.

Accepted Answer

TBFoster’s solution: Because we work only with not-for-profit organizations, we are familiar with all requirements and reporting mandates for NFP organizations. We are up-to-date on federal laws, and know how and where to look for the pertinent information for your documentation.
 
Benefit to your organization: This, along with our different staffing model, allow our staff to fully understand your business and not-for-profit reporting.

Question 4

Client concern: Organizations feel like they have to teach the auditors how to do their job.

Accepted Answer

TBFoster’s solution: Our auditors have the latest training on audit methodologies. Our special focus and expertise keep our team on-top of regulations, procedures, and methods for providing accurate and trustworthy accounting results.
 
Benefit to your organization: We will hit the ground running with your organization. With our staffing model, we eliminate the "new staff issues" that clients receive with most other firms.

Question 5

Client concern: Lack of communication from the audit firm and the audit staff ask for the same item multiple times.

Accepted Answer

TBFoster's solution: We use a secure cloud-based team organization platform to help facilitate our communication together, giving everyone a shared workspace where conversations are organized and accessible. This technology allows us to have constant communication within our team. We also have weekly progress meetings. The days are gone of not knowing where the audit stands, what items are open, and who is responsible for what!
 
Benefit to your organization: Rest assured that with our constant communication style, your audit is getting done on time with no headaches from staff requesting items twice.

Question 6

Client concern: Organizations are not sure if the price they are paying is a good and fair price.

Accepted Answer

TBFoster's solution: We are very proud of our fees. We believe that we deliver a higher-quality product for a lower rate to most organizations. On average, our clients save 40% from Big 4 firms, 25% from national firms, and about 10% from local firms. Please note--we never compromise audit quality to get our rates lower. We are able to provide lower rates as we only serve not-for-profits, and this knowledge and experience allow us to understand not-for-profits better and lower our hours on the engagements. We also have a much lower rate-per-hour than most other firms. Why should not-for-profits pay for a partner's high six figure income or fancy downtown office space? We understand that saving you even $1,000 helps your organization move forward. The key is we understand the pains that not-for-profits go through to earn their funding. We are not a giant firm with goals to make the top partners Richie Rich. We want to be your partner.
Benefit to your organization: Fair and reasonable prices with an increase in quality and service. Maybe you can use that extra money to provide more cancer treatments, kids' backpacks, or additional scholarships. For more on our fees, please see our fees page.(javascript:void(0))

Audit

Audit

do not despair

do not despair

TBFoster

is here

Accurate