It is important to make sure you have all the necessary information ready before an audit.
This can include records of all transactions for a specified period, as well as financial statements, budgets and other financial documents.
Make sure that these are accurate and up to date prior to the commencement of the audit.
Creating an internal checklist can be helpful in ensuring that all areas relevant to your business operations have been covered by the audit process.
The checklist should contain items such as all assets (both tangible and intangible), accounts payable and receivable, payroll records, taxes paid, and any other pertinent matters.
Review this list carefully before submitting it to the auditor so that all areas of concern are addressed correctly.
Auditors will have their own work files, which will contain similar checks that work as prompts to request information or documents from you.
Make sure that all of the information you collect prior to an audit is carefully organised, and where requested, uses the references provided by your auditor.
You should also ensure that the necessary staff member is available during the time that the auditors are scheduled to do your audit.
To ensure you have a clear understanding of their availability and to have the correct information ready, you should agree on a timetable for the audit in advance of it commencing.
Once underway, you should ensure that the information provided is final. You should get sign-off from your board or the directors of a company before they are given to your auditor – any errors at this stage could lead to additional audit work.
Does this sound like an audit service you can trust? Please contact your Seymour Taylor representative today or email enquiries@stca.co.uk or call 01494552100.
This blog is for guidance only, professional advice should be obtained before acting on any information contained herein. The information was correct at the time of publishing 22 February 2023.