Government Auditing Standards

Audit Preparation Services

GMP provides audit preparation services to assist governmental entities and their external audit firms avoid potential independence issues.  These services include preparing draft financial statements and footnotes, including management’s discussion and analysis, to be audited by the government’s external auditors.  These financial statements are based on the government’s chart of accounts and trial balances.  We will use the government’s trial balance to prepare working trial balances, including identifying and preparing adjusting journal entries and entries to convert the fund statements to a governmental-wide (full accrual) presentation to be approved by the government’s management.  We will also help coordinate the audit activities and field work with the external auditors and provide them with all significant workpapers to support the amounts and adjustments in the financial statements and answer their questions.