We’ve seen audit delays wreak havoc on implementation of business plans and make financing a costly affair. Why? Companies failed to undertake a pre-audit review to pinpoint problems and make recommendations for solving them, as well as improve efficiency and implement best practices. Once they initiated audits, they failed to collaborate with their auditor to make the process efficient and keep its costs in check.
It doesn’t have to be that way. Our new report, Audit Time? Don’t Sweat It by RoseRyan guru Julie Gilson, will help you speed up your audit summit and plant a clean flag. Its audit preparedness tips will help you work with your in-house audit team and audit firm to address technical accounting issues and missing or messy documentation that could waylay your audit.
Tip #1: Find out how knowledgeable you are about your company’s accounting. Our report asks three questions that will help you figure out whether you need to start talking with your audit firm to vet issues that could cause audit adjustments.
A pre-audit review, followed by audit prep, is key to a timely and cost-effective audit. Check out our report and breathe easy knowing that your audit is no obstacle to your business plans.
