6 Tips to Help Prepare For An Upcoming Audit
Embarking on an audit journey? Whether you're a seasoned pro or new to the game, mastering the fundamentals is key to a seamless and effective process. Here are a few tips from Sharpe Patel’s auditors to help you prepare for your upcoming audit:
Ask Questions Throughout the Year: Don't wait for audit season to roll around – keep those questions coming! Asking questions through out the year ensures you are on the right foot when the audit process begins
Document, Document, Document: Performing timely reconciliations ensure supporting documentation agree to transactions recorded in the general ledger, leaving no room for confusion or guesswork.
Set Up a Planning Meeting with Your Auditor: Kick off your audit on the right foot! Planning meetings are your chance to align expectations, set deadlines, and establish clear lines of communication. Plus, you'll receive that all-important PBC list to stay ahead of the game.
Index Items: Organization is key! Keeping organized documentation of transactions helps to make the audit trail easy to follow.
Provide Trial Balance ahead of fieldwork: By providing the trial balance ahead of fieldwork, you enable your auditor to hit the ground running, whether it's in-person or virtual.
Review Internal Processes: Look inward to strengthen outward. A thorough review of internal processes not only enhances efficiency but also uncovers areas for improvement, paving the way for a more robust audit experience.
Remember, success in audit isn't just about ticking boxes – it's about collaboration, transparency, and setting the stage for excellence. Embrace these practices, and watch your audit journey soar! Contact one of our Audit team members if you have any additional questions!