Surviving your annual financial audit
- Pre-audit planning
The audit process should actually start long before the auditor arrives. Audits are an established process and while each auditor may work slightly differently, they will all require the same basic information from you. By compiling all necessary information, you can ensure that the audit process runs swiftly and smoothly, making less work for the auditor. And if the auditor feels that you’re well prepared, as well as being helpful and transparent, they’re likely to return the favour should any discrepancies arise.Pre-audit planning should include setting deadlines, preparing for the auditor’s information needs and documenting functioning internal controls. Setting deadlines is an effective way of breaking down the work into manageable portions and can also guide you to complete tasks in a logical order. Ensure that all deadlines concerning the auditor are confirmed with him or her before arrival. Once these deadlines have been set, you, the auditor and your relevant employees will be motivated to stick to these deadlines thereby encouraging efficiency.Preparing for the auditor’s information needs will speed up the financial auditing process exponentially. Specific information that the auditor may require includes financial statements as well as their accompanying schedules and working papers.When assessing your business’s finances and processes, the auditor is required to obtain a reasonable understanding of your internal control systems. A useful practice is to allocate the appropriate staff members with the responsibility of discussing the systems related to their area of expertise with the auditor.
- Staff communication
A financial audit often involves numerous members of staff and can interrupt their daily activities. Ensure that each staff member understands their role in the audit process and knows on which days their assistance will be required. This will allow your staff members to provide assistance without excessively disrupting the functioning of your business.Delegate the responsibility of audit coordinator to a single employee and give him or her the duty of liaising with the auditor. Should any extreme scheduling conflict arise, it will be this employee’s responsibility to negotiate a compromise with the auditor.
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