BDO Wellington appointed two new Partners in July.
Brooke Rodriguez and Kerryth Davy both work in the audit and assurance space and bring a wealth of experience to their roles. We took the opportunity to speak to Brooke and Kerryth about what they’re seeing in the market currently, what lies ahead, and what clients can do now to be ready for audit.
Expertise and enthusiasm: The path to Partner
Brooke’s experience in audit and assurance spans a diverse range of clients, including health insurers, retirement villages, charities, membership associations, and public sector entities. As an Audit and Assurance Partner, she focuses on building client relationships and communicating effectively, and brings valuable experience in a wide range of accounting issues.
Kerryth’s audit and assurance skillset spans clients including mid-sized commercial businesses, Māori businesses, associations, and Not-for-Profit organisations. Like Brooke, he is a Member of Chartered Accountants of Australia & New Zealand, and in his new role as Audit and Assurance Partner he will showcase his eye for detail, responsiveness, and ability to deliver a well-planned audit.
Preparation is more essential than ever
When asked what the most important message is for clients as we look to 2024, the response was clear: preparation is everything.
“This year has already been incredibly busy, with new standards introduced and high volumes of work keeping everyone on their toes. We want to encourage clients to proactively reach out to their audit partner across the year, rather than saving everything up until the audit,” says Kerryth.
“If there are significant transactions occurring through the year, any issues with applying or understanding accounting standards, or anything people want to talk to us about, ongoing communication will help to ensure the audit process is smooth and without surprises. If we can’t directly help, we can always point you in the direction of someone who can.”
Brooke echoes this message and says that she’s seeing many within in her network coming under increased pressure at the moment, which is leading to more focus on short-term results and less time available to plan for the longer term. She recommends clients take a proactive approach to their overall accounting processes:
“When accounting issues arise, seek independent external advice prior to your audit and conduct your own assessments. The Financial Markets Authority has certain expectations around appropriate accounting records, and while your BDO audit team must remain independent of this, we can provide guidance and refer you to the right people to help.”
Keep an eye on regulations
Regulation changes and introductions have a significant impact on everyone involved in the audit process.
“Regulations can throw up curveballs, so it’s important to connect in with us early to discuss how they might impact your business,” says Brooke. “We’ve seen disruption this year with increased focus on Statements of Service Performance, which Tier 1 and Tier 2 not-for-profits now must submit alongside Tier 3. We want to encourage our clients to think about their financial statements throughout the year and consider how they can tell their story, as well as showing their numbers.”
Looking to the future
Kerryth and Brooke bring considerable experience with them to their Partner positions, and both are looking forward to helping clients now and into the future:
“There have been a lot of challenges over the last few years with the impact of Covid 19, new financial reporting standards, and revised auditing standards. I’m looking forward to continuing to grow my network, helping clients work through challenges as they arise and upholding the quality BDO is known for. As a father of two young kids, I am regularly reminded that plans change and you need to be able to be adaptable and flexible. Most importantly, good communication is key in work and life so please feel free to reach out if there’s anything you would like to discuss,” says Kerryth.
“It has certainly been a challenging year and we need to look forward to how we can get ahead of future challenges. There is so much we need to consider and adapt to including changing regulations, innovative technology such as AI, and a new generation entering the workforce. Flexibility in the workplace is top of mind for many including myself with a young child at home. My focus is to build a strong audit team that is best able to service our clients needs and deliver a positive audit experience” says Brooke.
Find out how BDO can support you with audit and assurance here, or learn more about Brooke and Kerryth.