We start first by listening. While this may seem like a relatively simple act, the art of listening is a key factor when engaging the diverse culture of business professionals that make up your Company.
As your Company’s leaders express their vision, present challenges and collective aspirations, it takes the unique listening of a multi-disciplinary firm, such as KBL, to hear and see the issues beyond what is being communicated. Our unique ability to practice the art of listening inherently creates a platform for joint collaborative sessions of discovery between your Company and our team at KBL. The result of this scoping process will produce a business narrative that identifies the bottlenecks which minimize organizational throughput and identifies the environmental factors, dynamic and static, that affect your Company’s performance, quality, and profitability.
After the scoping of the engagement, we continue through to our planning stage. This phase establishes the purpose, business methodology, regulatory standards and compliance, risk assessment, best practices, resources, and environmental factors that can affect and/or influence the outcome of the engagement.
KBL has adopted Six Sigma as its total quality management methodology (“TQM”) and adheres to best practices and regulatory compliance guidelines from the American Institute of Certified Public Accountants and other leading bodies, including Generally Accepted Auditing Standards when conducting an audit of financial statements and COSO (“Committee on Sponsoring Organization of the Treadway Commission”) when the engagement involves internal audit and risk management.
The planning process touches all the components of an organization, specifically the areas of finance and accounting, core business operations, sales and marketing, financial reporting, and taxation. This is extremely important because any increase in operational efficiencies will affect organizational throughput which will then have a significant positive impact on other areas of a business. For a Company to retain and/or leverage the value of its throughput, which is most often an increase in net revenue, we will need to plan for the Company’s success as earnestly as we have done to achieve operational efficiency. In addition, we can perform specific procedures that will enable us to develop:
To the extent practicable and meaningful, we can also perform ongoing assessments of your Company’s performance which would include various analyses of financial data. This analysis of the financial and operational data is geared to identifying trends, fluctuations, and relationships in the market that may cause adverse effects and/or present immediate growth opportunities. This process of ongoing evaluation and performance measurement guides us in overall risk assessment.
“ We start first by listening. While this may seem like a relatively simple act, the art of listening is a key factor.. ”
The result of our planning process is a strategic roadmap for the engagement that is the foundation of the engagement processes. These phases of the engagement will include those procedures developed during the planning phase of the engagement. The procedures selected for application will be those that are responsive to the concerns of both the Company and our firm and are in compliance with the regulatory agencies that oversee both the Company and KBL.
We would meet with management to review the highlights of our work, as well as any comments and recommendations to be contained in our final report, before said reports were finalized.
At KBL, we recognize that talented, motivated professionals are our most precious asset. We are large enough to offer a full range of business services, yet always positioned to ensure you personalized attention. We are the Power of People.