OUR THOUGHTS ON:

Preparing for Your Annual Audit

Audit

By Kristin Borchers

It is that time of year again to start preparing for the Annual Audit. While auditors are often perceived as a necessary evil; you can make a difference in the outcome of the audit. Below are a few simple steps to ensure a positive experience during your audit.

  1. Get in touch early - The audit firm should be in touch early and provide an engagement letter to you. The engagement letter will explain the nature, timing and scope of the work to be performed by the auditors.
  2. Obtain an Audit Request List - Receive the Audit Request List early and review it with the auditor. Determine the “high-priority items” that are needed to start the audit.
  3. Set Deadlines - Determine the deadline for the auditors’ report and work backwards. Assigning dates to the items on the auditor request list will ensure timely results.
  4. Assign an Audit Contact - Identifying a trusted employee to field the Auditor’s requests will assist in the speed of the audit as well as reduce the disruption to other essential employees.

Working together with your auditor to complete a smooth and timely audit can provide assurance to the users of the financial statements and executive management to the strength of your financial reporting systems and accuracy of the financial statements.

© 2013 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax related matter.

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at contactSD@schneiderdowns.com.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2018 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

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