Lots of people think of this yearly trip of their auditors as a stressful and worrying time, but it does not need to be like that. Whether you have experienced auditors galway before or this is your first audit, then there are some things you can do to prepare and be sure that the method goes as smoothly as possible.
An audit is a technique of giving assurance to the investors their money has been used sensibly. It will not guarantee to discover fraud but instead will look to find out whether there are sufficient direction controls in place that fraud is minimized. Audits can also be employed by external stakeholders to make sure that the business they're considering has right and fair accounts.
Planning the audit
Among the cornerstones of all auditing is planning along with your auditors will place an audit preparation meeting to allow them to sit down together and talk about your business and find just a small bit of background. This will make it possible for them to comprehend any particular problems that will need looking at and also to work together with you on timings and places. It is possible to take advantage of this meeting to discover just how they want to approach the job and what resources they will need. Bear in Mind that the entire process ought to be seen as a collaboration, the auditors are not there to catch you out and thus to come to it as dialogue will create a more practical result.
Your auditors will require some room to work; you will want desk space with electricity so that they can plug in laptops. They'll use folders and files thus an excellent sized work area is helpful, and they'll require access to a bookkeeping team therefore somewhere reasonably near finance is critical.
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Author’s Bio:
Samantha writes for DV Mannion and have five years of experience in Forensic Accountancy. She is also an avid blogger and freelance tax consultant.
