Organizations have an active role in the audit process, and their part begins before the professional auditor arrives on site. Your auditor will require specific documentation from your organization, but don’t fret. A list will be provided at least a month before your audit’s start date. Proactively collecting required audit information in small increments leading up to the examination is best practice when it comes to audit preparation. At Auditwerx, we suggest setting aside at least 30 minutes per day collecting the needed data so that preparing for your audit is as stress-free as possible.
5 Tips for Audit Preparation
Follow these steps while collecting the required information you need for your organization’s audit to ensure that the processes goes as smoothly as possible. Read our SOC reporting process step by step guide here for additional info.
Make sure the appropriate people in your organization will be available during the audit process. Communicate the dates with management and other key employees, and provide them with any company documentation or audit information they need to be up-to-speed.
Control the scope of your claims to keep the scope of your audit in check; this will ensure success. Claiming too little may cause the auditor to conclude that your controls are insufficient, but if you claim too much, you may not be able to deliver and will fail the examination. Properly defining the scope of your audit will make the entire process easy and painless.
Focus on revenue recognition and balance sheet reconciliations. Ensure that your financials are clean because any discrepancy could stop the audit dead in its tracks. Including support documents and well-organized explanations will be immensely helpful to your auditor.
Choose the right auditing firm for your business. To do this, meet with several professional auditors to decide which is the best fit for your type of business and company culture. Proximity to your location is not nearly as important as having a good working relationship with your auditing firm.
Be a good business partner to the auditing firm that you choose. This not only includes proper audit preparation and organizing the required audit information beforehand, but also being prepared to explain terms, operations and internal processes once your auditor is on site. While your professional auditor will be familiar with your type of business, he or she will benefit from your technical understanding and insights about your specific organization (i.e. operating components of your data centers and networks).
For a free quote or to set up an introductory meeting with Auditwerx, contact us today! We have experience providing professional audit services for service organizations, including technology, financial and processing businesses.