With audit season upon us, it’s important to ensure you’re fully prepared in advance to help the process run smoothly and reduce any potential stress on your finance team.
The audit process is often viewed as an interruption to the daily work of finance teams but there are several simple steps that can be taken to reduce the perceived burden and ensure your team is fully aware of the process and what will be required of them.
Some simple steps which could help include:
- Plan timelines and expectations in advance with your auditors
- Ensure there are sufficient resources within the team to deal with every stage of the audit process
- Assign a project manager to the audit delivery process, who understands in detail what is required and is highly organised to make sure all actions are completed thoroughly and by the required deadlines
- Decide in advance how queries will be handled with your auditor so there are clear lines of communication and any issues can be dealt with promptly
- Prepare documentation you know will be required in advance, where possible
- Highlight any changes in your operations with your auditors
- Ensure regular reconciliations and investigate any differences in advance as this will be an area your auditors will focus on
- If there were any issues identified in previous audits, make sure they have been resolved before the next one
A well-executed audit can provide numerous benefits to a business, including enhanced credibility, improved financial transparency, and reduce risk. It is a valuable tool for both management and stakeholders in assessing a company’s financial health and compliance with regulations.
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Our expert team can guide you through the complex world of regulation and compliance to ensure that you meet your statutory obligations. Gaining insight into your business from the audit process, our expert team will then advise and support you in achieving your goals.
For more information on how we can help, or to discuss your individual circumstances, please contact Ceri Dixon using the button below to discuss further.