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.
- 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.
- 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.
- 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.
- 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.
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