Updated: Aug 23, 2022
Collaboration is key in an Attest engagement (Compilation, Review or Audit)! It's not enough to say "I let my CPA deal with that". Here are some tips on how to stay on top of things;
1) Get a PBC list from your CPA- A Provided By Client (PBC) list is a list of requested information typically received before the engagement begins. It's very likely the requests won't stop there but it should at least cover quite a bit of it.
2) Understand what your CPA is requesting- It's helpful to understand what is being requested. This isn't for the sake of opposing requests. It's to understand their thought process and how you can implement some of the procedures on your end before the engagement. Understanding and implementing some of the procedures yourself should save the CPA some time, which can ultimately save you some money. It takes time to identify, discuss, and record adjusting entries. If you have the resources, try to address these areas before your CPA does.
3) Record the journal entries provided at the end of the engagement (ideally)- I know some of you keep your books on a different basis than GAAP and prefer to do so, but when possible record your CPA's proposed entries (if you agree with them). This saves time figuring out what was and wasn't recorded in the prior period when your CPA is rolling retained earnings.
4) Keep an open line of communication- When in doubt of anything, ASK. Timing of field work, procedures, etc. Be up front about your expectations. This saves a lot of back and forth during the engagement. Your CPA should reciprocate.