AuditFile Firm Case Study
Accelerating Firm Growth
The Network Firm
July 11, 2024
We founded The Network Firm because we are passionate about serving our clients in the digital asset space and innovating in CPA services.
As founding partners know, starting your own firm requires many important choices, each with an impact on your future operations, profitability, and risk. Key decisions made during early tech vendor selection, internal processes development, templates and training, and repeatable workflows are crucial for achieving early-term and long-term success.
While we had developed the world’s first and only audit and attest-focused software for CPAs working in the digital assets space, LedgerLens, we knew we still needed complementary tools for other operational functions. Perhaps most importantly among these operational tools was our audit engagement and binder software.
When looking for our audit software, we sought out vendors that aligned with our values; being tech-forward, flexible, and optimized for operational efficiencies, all while ensuring adherence to professional standards, data protection, and security of client data.
In AuditFile, we found a vendor that exceeded our needs, and also provided the values alignment we sought.
With AuditFile’s intuitive engagement flow, endless templates and checklists for engagements, and web-based access, our natively remote team is able to collaborate and execute industry-niche engagements with ease.
What was particularly beneficial for us, was the dashboarding feature, that enabled us to track our progress across all of our engagements in real-time. On top of that, we were able to customize our review process flows and track review comments, ensuring we covered all components of our attestation engagements. Automated Trial Balance adjustment workflows, materiality calculations, and custom integrations with client software were a cherry on top.
Additionally, AuditFile’s templates and practice aids were particularly useful as we started our new firm from scratch. With AuditFile’s templates, we had a starting place that saved us countless hours and dollars, reducing our need to buy expensive templates and checklists from other service providers. The AuditFile team also assisted us in customizing these templates to make efficient engagement binders that met our needs.
Lastly, Auditfile’s flexibility was extremely important for us to be able to execute our unique blend of examinations, audits, and agreed-upon procedures engagements, all which required unique considerations, procedures and engagement templates.
These benefits, coupled with AuditFile’s timely support whenever we had questions, have enabled us to scale our firm more quickly than anticipated. So, we feel confident that this early vendor selection has created early-term success, but also a path for long-term growth, security, compliance and overall success.
The best part? AuditFile keeps getting better with time, adding new features, workflows, and templates to ensure we stay on top of the latest trends, best practices, and professional standards requirements.
We expect to be AuditFile customers well into the future.
We founded The Network Firm because we are passionate about serving our clients in the digital asset space and innovating in CPA services.
As founding partners know, starting your own firm requires many important choices, each with an impact on your future operations, profitability, and risk. Key decisions made during early tech vendor selection, internal processes development, templates and training, and repeatable workflows are crucial for achieving early-term and long-term success.
While we had developed the world’s first and only audit and attest-focused software for CPAs working in the digital assets space, LedgerLens, we knew we still needed complementary tools for other operational functions. Perhaps most importantly among these operational tools was our audit engagement and binder software.
When looking for our audit software, we sought out vendors that aligned with our values; being tech-forward, flexible, and optimized for operational efficiencies, all while ensuring adherence to professional standards, data protection, and security of client data.
In AuditFile, we found a vendor that exceeded our needs, and also provided the values alignment we sought.
With AuditFile’s intuitive engagement flow, endless templates and checklists for engagements, and web-based access, our natively remote team is able to collaborate and execute industry-niche engagements with ease.
What was particularly beneficial for us, was the dashboarding feature, that enabled us to track our progress across all of our engagements in real-time. On top of that, we were able to customize our review process flows and track review comments, ensuring we covered all components of our attestation engagements. Automated Trial Balance adjustment workflows, materiality calculations, and custom integrations with client software were a cherry on top.
Additionally, AuditFile’s templates and practice aids were particularly useful as we started our new firm from scratch. With AuditFile’s templates, we had a starting place that saved us countless hours and dollars, reducing our need to buy expensive templates and checklists from other service providers. The AuditFile team also assisted us in customizing these templates to make efficient engagement binders that met our needs.
Lastly, Auditfile’s flexibility was extremely important for us to be able to execute our unique blend of examinations, audits, and agreed-upon procedures engagements, all which required unique considerations, procedures and engagement templates.
These benefits, coupled with AuditFile’s timely support whenever we had questions, have enabled us to scale our firm more quickly than anticipated. So, we feel confident that this early vendor selection has created early-term success, but also a path for long-term growth, security, compliance and overall success.
The best part? AuditFile keeps getting better with time, adding new features, workflows, and templates to ensure we stay on top of the latest trends, best practices, and professional standards requirements.
We expect to be AuditFile customers well into the future.
About the Author
Jeremy Nau, CPA, CMA, CBP
The Network Firm | Miami, FL
Co-Founder and COO
Jeremy is a CPA with more than 10 years of experience performing compliance audits, internal audits and financial statement audits for digital asset clients. Jeremy co-led a high growth team at a large CPA firm for the past 4 years and is recognized as a leading expert on stablecoins and stablecoin assurance. Jeremy has developed proprietary, technical audit procedures for testing ownership and control of digital assets since 2016. Jeremy and partners created and launched the world’s first application of real-time attest technology in 2018 and have since pioneered Proof of Reserves methodologies and reporting standards.