berkowitz pollack brant advisors and accountants

Manufacturing

We have developed our approach to assessing audit risk in manufacturing environments based on many years of experience in the industry. We start by developing a complete understanding of the manufacturing process, including initial raw material costs, additional cost elements added during the manufacturing processes, and manufacturing overhead cost pools. Also taken into account:

  • Inventory cost accounting system
  • Inventory valuation (raw materials, work-in-process and finished product)
  • New accounting system implementation / transition
  • Vendor relationships and distribution
  • Fixed assets
  • Interstate transport
  • Owned and leased property
  • Relevant financial statement accruals
  • Revenue recognition policies
  • Material contracts
  • Internal controls
  • Financing agreements

This big-picture perspective gives us the ability to provide thoughtful advice while conducting audits and providing tax consulting services.

 

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