McGowanPRO is a family-owned industry leader for specialized Professional Liability Insurance. Gary Sutherland, founder of NAPLIA (which was recently acquired by McGowanPRO) and one of Audit Analytics’ first clients, has been using Audit Analytics for close to fifteen years.
Gary and his team in Framingham, Massachusetts, use Audit Analytics to support their accountant’s liability insurance clients and to assist in underwriting errors & omissions (E&O) policies for CPA firms.
Gary uses Audit Analytics to monitor and reevaluate his current clients and their potential exposures. “With more than 1,000 clients, I save a considerable amount of time using Audit Analytics. If I’m looking up an accounting firm that has 28 publicly traded audit clients, I’d have to look up every company individually. I can’t imagine how time consuming my research would be without Audit Analytics.”
Leveraging Audit Analytics’ auditor engagements, audit fees, and D&O changes databases, Gary tracks red flags and provides due diligence for his clients. “A big part is understanding who the client is- I help my clients choose their clients wisely. I think it would be nearly impossible to use another data source to try and accumulate the data and provide the analysis that I do. Audit Analytics highlights major criteria that we use to determine whether there are any conflicts of interest or financial reporting errors that we need to investigate further. Without Audit Analytics, I’d be scrambling to try and determine those issues.”
In addition to his due diligence efforts, Audit Analytics also helps Gary effectively and proactively communicate with clients and carriers. “Access to Audit Analytics does two significant things, it points out any potential road hazards that I need to be aware of before I send the client’s policy to the carrier, and it helps me educate both my clients and insurance carriers by being able to review the details with them, in advance. For example, it gives me the knowledge to ask why they took on a new engagement that had changed auditors four times over the past seven years. Audit Analytics gives me the information I need so that I can most accurately present accounts to the carriers.”
Audit Analytics has helped Gary become a reliable expert in the insurance industry. “My clients know that I use Audit Analytics. I have several clients that, before they take an audit client on, will ask me to run an Audit Analytics report for them.”
“One of the things that distinguishes my agency from other agencies in the country is that I have access to some resources that they’ve never heard about, never used. This gives me a significant advantage in supporting my clients because I can advise them of potential pitfalls that they may face with a new SEC client. I think that’s invaluable. These resources have really helped me over the years grow my business in an area that I think a lot of other agencies just fall behind on.”
To learn how Audit Analytics can benefit you and your firm, email us at info@auditanalytics.com or call (508) 476-7007.