On July 22, 2025, the firm’s Accounting & Tax Team and Audit & Assurance Team came together for a Re-echo session facilitated by Alyssa Tagle, CPA on the topic:“Common Issues and Remedies in the Financial Statements Audit of Small Entities.”

This knowledge-sharing initiative aimed to reinforce key audit concepts and provide practical strategies for addressing recurring issues encountered during audits of small and medium-sized entities (SMEs). Drawing from fieldwork and past engagement experience, Alyssa shared helpful insights and tools that team members can immediately apply in their respective audit roles.

Key Highlights:

• Recurring Audit Challenges in SMEs:Incomplete documentation, late account reconciliations, misclassified transactions, and insufficient audit trails continue to affect audit quality and turnaround time.

  
  

• Suggested Remedies and Improvements:Alyssa emphasized the importance of clear pre-audit communication, standard working paper formats, and closer coordination with client accounting teams to avoid common pitfalls.

  
  

• Templates and Process Tools:The presentation included sample audit request lists, findings trackers, materiality templates, and internal walkthrough forms customized for small business clients.

  
  

• Collaborative Learning:The session fostered cross-team discussions between Accounting & Tax and Audit & Assurance staff, allowing for shared reflection and best-practice alignment.