Audit Success Center
Your fast track to audit readiness for lease accounting and accruals & prepaids.
ASC 842 and IFRS 16 Audit Guide
Turbocharge Your Audit Prep
- Step-by-step audit preparation checklist
- Real examples from successful audits
- Time-saving templates for common requirements
- Expert tips to reduce auditor questions
Your Audit Pit Crew
Maintaining an airtight audit trail while “doing more with less” is a constant challenge for modern finance teams. To help you, we developed tools that eliminate common bottlenecks in lease and accrued and prepaid expense accounting.
By centralizing fragmented documentation and applying Big 4 methodology to complex calculations, these resources help you accelerate the month-end close and mitigate the risk of audit comments or misstatements. Consider this your first step toward a stress-free audit.
Present Value Calculator
- Accurate present values for ASC 842,
IFRS 16, and GASB 87. - Big 4 methodology for reliable results.
- Reduces errors and streamlines review.
Embedded Lease Test
- Identify embedded leases in contracts.
- Simplify and accelerate contract review.
- Minimize compliance risk.
Prepaid Expense Tracking
Tool
- Free tracking spreadsheet.
- Provides a structured template to organize your prepaid expenses.
- Speeds up your month-end close.
ASC 842 Lease Classification Test
- Classify leases under ASC 842.
- Accelerate classification for compliance.
- Maintain accuracy across your portfolio.
Don't Just Survive Your Audit. Master It.
Online Webinar | CPE Credits: 1.00 Hour
State of the Audit 2026 Edition
The report, Financial Restatement Trends in the United States, shows the percentage of “Big R” restatements jumped from 25% to 38% in just one year (2021 to 2022).
Key drivers of this trend include improper accounting for accruals and reserves, followed by errors in financing activities and new standard adoption. Specifically, the surge in lease accounting restatements confirms that technical complexity has officially outpaced manual processes.
These findings prove that traditional, manual workflows are no longer sufficient to handle the nuances of modern accounting.
| Restatement Driver | Frequency / Trend | Why it Matters to You |
|---|---|---|
| Accruals & Estimates | Most frequent expense issue | Manual accrual tracking is a high-risk audit area. |
| Lease Accounting | Spiked with ASU 2016-02 | Post-Implementation errors are still triggering restatements. |
| "Big R" Severity | 38% of restatements (2022) | SEC is cracking down on how companies "hide" errors as "little r." |
| Small-Cap Risk | High | Companies with fewer resources (smaller assets) are more likely to restate. |
Fine-Tune Your Audit Approach
Expert Blog Series
Tips to Ace Your ASC 842 Audit
Qualify for your ASC 842 audit with speed. This blog provides expert tips to navigate the process quickly, ensuring compliance and a smooth audit experience.
How to Leverage Contracts for Prepaid and Accrual Accounting
Boost the efficiency of your prepaid and accrual accounting. This blog reveals how leveraging contract data can lead to faster, more accurate results and improved financial reporting.
Best Practices for Accelerating Your Close
Optimize your close process for maximum efficiency. This blog post provides actionable strategies to streamline your accounting workflow and achieve a faster, more accurate financial close.
FinQuery Audit Center: Product Tours
LeaseQuery: Walk into your next audit with the confidence of system-verified compliance.
- Eliminate Calculation Risk
- One-Click Disclosure Reports
- Bulletproof Controls
- Automated Journal Entries
Accruals & Prepaids: Transform your most manual month-end processes into your most auditable assets.
- Automated Amortization Schedules
- Automated Journal Entry Posting
- Scalable Financial Governance
- Instant Disclosure Readiness