At Mercurius, our custom services are tailored to enhance financial compliance within Audit Preparation and Audit Support Services. Our experienced team handles complex processes adeptly, aiding auditors, companies and associated partners in meeting IFRS and US GAAP standards smoothly.

Years of experience have equipped us to simplify complexities for numerous CPA firms and companies. We’re dedicated to making compliance easier for them, ensuring a smoother path through intricate procedures.

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Audit Support

We act as a pivotal support for accounting firms, aiding in the seamless execution of audits for their clients in the US, UK, Australia, and Canada. Our commitment is to enhance the audit process, providing a tailored suite of services that ensures thorough and effective financial compliance within your organization.

Audit Support Services

Pre Audit Planning and Project Management
Evaluation of Risk Management and Materiality
Preliminary Analytics for In-depth Insights
Analytical and Substantive Testing
Reviewing process notes and walkthroughs
Execution of Audit Plans and Workpapers
Assisting with various Audit software platforms
Finalization of Audit Binders and Documentation
Assistance in concluding Audits, Reviews, and Compilation
Assistance in seeking Engagement Quality Review (EQR)

Audit Preparation

We specialize in preparing companies to undergo audits by bridging the gap between your organization and auditors.

Our tailored services are designed to equip your company with the necessary tools and readiness, ensuring a streamlined and efficient audit process while strengthening financial adherence and organizational robustness.

Audit Preparation Services

Preparation of Financial statements and the accompanying disclosures to ensure their compliance with GAAP, SEC, statutory, and other applicable laws and regulations
Drafting the registration statement and annual and periodical filings such as Form 10K, 10Q, and S1 with precision and compliance.
Conversion of financial statements to align with US Generally Accepted Accounting Principles (US GAAP) and International Financial Reporting Standards (IFRS) from any other financial reporting framework.
Technical issue assistance concerning IFRS/US GAAP to navigate complexities effectively
Real-time discussions with management/auditors, covering crucial matters of disagreement or those requiring significant considerations or judgments.

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FAQs

1. How can I ensure my business remains compliant with audit requirements?

We can ensure that our business remains compliant with audit requirements by following these points:

Conduct periodic internal audits
Regularly update your financial records
Stay informed about relevant regulatory changes
Maintain accurate and organized financial records
Implement strong internal controls and regular reviews

2. How do you ensure audit readiness?

To ensure audit readiness, we follow a structured approach focused on proactive planning, strong internal controls, and ongoing compliance monitoring.

This includes a detailed gap analysis to identify potential weaknesses, reconciliation services for key accounts, a thorough review of detailed documentation, and realistic mock audits. Our multidimensional approach and tailored services help to equip your company with the necessary tools and readiness.

3. What are some important things that companies fail to anticipate when preparing for an audit?

Lack of Compliance with GAAP, Overlooking Recent Changes, and Ignoring Internal Control Weaknesses are a few of the essential aspects that companies fail to anticipate when preparing for an audit.

4. Why is Pre-Audit Review important?

Pre-Audit Services empower organizations to identify and address any areas of non-compliance proactively. A Pre-Audit Review can help ensure your Audit goes smoothly and flag items that need further review prior to the audit.

5. What's the worst that could happen if a business is not well prepared for an audit?

If your business is not well-prepared for an audit, auditors will have to spend a lot of time digging through unorganized books and records, which can severely damage the company's reputation. Investors may lose confidence in the business's financial health, and there may even be legal consequences.

Getting the right help at the right time from a good audit preparation services firm like Mercurius can completely change an audit from a painful process to one that ends with a grateful smile.

6. What is the right time to start audit preparation?

In India, it should be before the AGM, 31 September, usually between July and August. In the USA, it should start by the end of the fiscal year.

7. Which accounting standards do you support?

We provide comprehensive support for multiple accounting standards for different countries, including US GAAP, Ind_AS, Canadian-GAAP, and IFRS.

Our team ensures compliance with the relevant audit standards in your jurisdiction, delivering accuracy and reliability in financial reporting. In addition, we help businesses seamlessly convert financial statements from one accounting standard to another, ensuring accurate reporting and smooth cross-border compliance.

8. Can you help if my company has never had an audit before?

Yes, for first-time audits, we assist in setting up proper financial statement structures, disclosures, internal controls, draft reports, and walk the management through what auditors would expect. This helps minimize surprises and streamlines the audit process.

9. Do you assist with the documentation needed for filings with regulatory bodies (e.g., SEC, etc.)?

Yes, we help with drafting registration statements, annual and periodic filings (e.g., Form 10-K, 10-Q, S-1 as applicable), ensuring disclosures are complete and comply with regulatory requirements.

10. Can you assist non-US / international companies?

We support companies operating in or reporting under jurisdictions like the US, UK, Canada, Australia, etc., and help them convert or comply with international standards (IFRS, foreign subsidiaries, etc.).

11. How can you help organize the financial records before the start of the Audit?

At Mercurius, we help you prepare audits with a structured and streamlined approach to organizing your financial records. Our pre-audit support ensures you're fully prepared and confident. We ensure the following points are prepared as part of our pre-audit services: