US Audit Readiness and Financial Statement Support
NYBACS Services
For US companies and foreign-owned subsidiaries facing a first or annual financial statement audit — required by investors, lenders, a parent group or a buyer. We get the books audit-ready, prepare the schedules and draft financial statements your auditor will ask for, and manage the request list through fieldwork. The independent CPA firm issues the opinion; our job is to make sure it can do so efficiently, with fewer adjustments, fewer queries and fewer surprises.
Who this service is for
- Venture-backed startups whose investors or board require audited financial statements
- US subsidiaries of Indian, UK, EU, GCC and APAC groups that are in scope for a group or statutory audit
- Companies with lender, grant or contract terms requiring audited or reviewed accounts
- Businesses preparing for acquisition, a large fundraise or sale due diligence
- Companies whose prior audit produced many adjustments, a long timeline or management letter points
Why clients come to us
Key problems we solve
Cash-basis books, accrual-basis audit
Auditors test GAAP financial statements. Books kept on a cash basis need accruals, prepaid expenses, deferred revenue and other adjustments before an audit can start.
Revenue recognition not documented
Annual SaaS contracts, implementation fees and usage pricing must be recognised under ASC 606. Without contract-level support, revenue becomes the slowest and most adjusted area.
Equity and intercompany that do not tie
Cap tables, SAFEs, option grants and parent funding often disagree with the general ledger, and intercompany balances rarely match the parent's records without a reconciliation.
Request lists answered piecemeal
When nobody owns the auditor's request list, fieldwork stretches for weeks, audit fees rise and management time disappears.
Scope of work
What’s included
Readiness assessment
Review of your books, policies and prior audit findings against what the auditor will test, with a prioritised gap list and timeline.
Books clean-up and GAAP adjustments
Reconciliation of every balance sheet account, accrual-basis adjustments, ASC 606 revenue schedules, ASC 842 lease schedules and fixed asset registers where applicable.
Audit schedules and supporting documents
Lead schedules and roll-forwards for cash, receivables, payables, accruals, prepaid expenses, debt, equity and intercompany, tied to the trial balance with source documents indexed.
Draft financial statements
Draft balance sheet, income statement, cash flow statement, statement of equity and note-disclosure inputs for management to review and approve.
Auditor coordination
Owning the request (PBC) list, uploading support, answering routine queries, pulling samples and booking agreed audit adjustments.
Post-audit remediation
Closing out management letter points and improving month-end processes so next year's audit is faster.
What this service does not include
- Audit opinions, review reports or any other assurance report — only the independent CPA firm issues these
- Acting as, or replacing, your independent auditor
- Management's responsibility for the financial statements: you review, approve and sign the representation letter
- Legal letters, legal confirmations or opinions on litigation and contracts
- SOC 1 or SOC 2 attestation and internal audit engagements
- Independent valuations such as 409A or purchase price allocations
How it works
Our process
- 1
Scoping
We confirm who requires the audit, the reporting framework, the period, the auditor (if appointed) and the reporting deadline.
- 2
Readiness review
We assess the books and documentation and issue a gap list with owners and dates.
- 3
Clean-up and schedules
We fix the books, prepare GAAP adjustments and build the audit schedules and supporting files.
- 4
Draft statements and handover
Management reviews the draft financial statements before the auditor's fieldwork begins.
- 5
Fieldwork support
We manage the request list and routine queries, and escalate judgement areas to you and your advisors.
- 6
Close-out
We post final adjustments, archive the audit file and address management letter recommendations.
Documents we’ll ask for
- General ledger and trial balance for the audit period and prior year
- Bank, card and payment-processor statements for the full period, plus year-end bank confirmations access
- Customer contracts, pricing terms and invoicing records for revenue testing
- Leases, loan agreements and significant supplier contracts
- Cap table, stock option plan, SAFE or convertible note agreements and board minutes
- Intercompany agreements and parent-company balance confirmations
- Payroll registers and prior-year audited financial statements and management letter, if any
Typical timelines
Indicative only; the auditor sets its own fieldwork schedule.
- Readiness review: about 1–2 weeks after access to books and documents.
- Clean-up and schedules: often 3–8 weeks, depending on the condition of the books, revenue complexity and whether this is a first-year audit (which also needs opening balances supported).
- Fieldwork support: runs alongside the auditor's timetable, commonly several weeks for a small or mid-sized company.
For a first audit, start at least three months before the reporting deadline. Late starts usually mean higher audit fees, not just a later report.
NYBACS 360° support
Why NYBACS
Clear role boundaries
We prepare and coordinate; the independent auditor opines. Keeping these roles separate protects auditor independence and keeps your audit credible.
Auditor-ready schedules
Schedules tie to the trial balance and are indexed to support, so auditors spend time testing rather than chasing documents.
Cross-border group experience
We understand group reporting timetables, intercompany reconciliations and parent reporting packs for overseas-owned US subsidiaries.
Bookkeeping, tax and audit aligned
Audited numbers flow back into the books and the tax return, avoiding differences between what the auditor signed off and what was filed.
Faster next year
We fix the processes behind the adjustments, so the second audit is cheaper and quicker than the first.
Common questions
Frequently asked questions
Does every US company need an audit?
No. Most private US companies have no general federal audit requirement. Audits are usually triggered by investors, lenders, a parent group, government grants or contracts, a sale or specific regulators.
Can NYBACS issue our audit report?
No. Only an independent licensed CPA firm can issue an audit opinion. We prepare your books, schedules and draft statements and coordinate with that firm.
Can you help us find an auditor?
We can help you define what to ask for and introduce independent CPA firms suited to your size and sector. The engagement is between your company and the auditor.
Our parent reports under IFRS or Ind AS. Can you help?
Yes. We prepare US GAAP books and the reconciliation inputs and reporting pack the parent's group auditors request, coordinating with them on timetable and format.
What makes a first-year audit harder?
The auditor must also get comfortable with opening balances, which may never have been tested. Missing prior-year support, unreconciled equity and undocumented revenue contracts are the usual delays.
Resource Hub
Answers to common questions
Last reviewed 2026-10-07. NYBACS is not a licensed CPA firm, statutory auditor or law firm. Where a licensed professional is required, we coordinate with qualified CPAs, auditors and attorneys.
Ready to get started?
Book an audit readiness review and we will tell you what your auditor is likely to find before fieldwork starts.
