A more efficient audit and less audit fees with the support of Marble
Comprehensive audit support and efficiency improvements for NEM Energy: Marble’s contribution in 2022 and 2023
NEM Energy: a leading OEM of heat transfer technology
NEM Energy is a leading OEM of heat transfer technology and exhaust solutions with more than 130 years of experience with a core competence of heat transfer process, and strong project execution. NEM empowers the energy transition by offering comprehensive solutions for power and heat generation, oil & gas, industries, and renewable energy; from design to aftermarket services, for onshore and offshore installation, and supporting their customers throughout the entire lifetime of the plants.
In November 2023, Marble was assigned to support in the audit process of the financial statements 2022 and run the full audit of 2023 somewhat parallel. The audit of 2022 dragged on for a longer period of time and was also postponed by the auditor due to planning constraints. This caused several inefficiencies in the audit process.
What we did?
Audit support 2022
Preparation of the audit files on specific topic, including reconciliations, review and conclusions making the audit files audit proof.
- Revenue Recognition
- Cost of goods sold and expenses Cut off procedures
- Prepayments and accruals
Preparation of the consolidation model, including a bridge from Trial Balance – Audit differences – Financial statements.
Creation and preparation of an financial statements model, including Balance sheet, Profit and Loss statement, Cash Flow statement and notes to the financial statements.
Spokesman for the Audit team and the Finance team.
Audit support 2023
Project manager for the full audit 2023.
Set up a closing process for the areas where there were significant issues in the 2022 audit to reduce the number of audit differences.
Get a clear understanding of the needs of the audit team.
Coach and train the team on the client side to make sure they understand what, why and how to prepare the audit files.
Keep track of deliverables and making sure internal and external deadlines were met from both client side and audit team side.
Review all prepared audit files.
Prepare position papers for the more complex accounts.
Results of provided services
Both audits were finalized.
Audit 2023 finalized approximately eight months faster.
Significant reduction of audit differences.
Significant savings in the audit fees (audit 2023 compared to audit 2022).
Improved closing process where teams are communicating better.
Improved understanding of the audit process at clients team.
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