Knowing that your annual audit is coming up can be a worrying time for some clients. However, an audit can be a smooth process which can highlight areas for improvements to assist you in the management of your business, charity, club or foundation.
With that in mind here are our “top tips” when preparing for your audit:
1. Book a convenient time
When we contact you to book in dates, you should consider –
- availability of key staff to assist us
- all documentation being ready and accessible
Where possible, times that should be avoided include –
- payroll processing days
- during or around preparation for team meetings
- during or around preparation for board team meetings
- times when key members of staff are on leave
2. Time frames
Knowing when the audit is required to be completed and sharing this information with us is vital. The guide for turnaround of an audit is approximately three weeks but this can increase due to the volume of work over the August to October period. Be sure to keep this in mind when locking in time frames.
3. Refer to our Request list
Request lists are available and are provided well ahead of the audit. Use these as a checklist and tick off the items when they are ready.
4. Work with us
Having documents ready for us will ensure a more efficient management of the audit. There may be additional requests throughout the audit, and providing this information in a timely manner allows the audit to progress smoothly.
5. Talk to us
The team at Davidsons are available to provide you with guidance prior to, and throughout the audit process on a range of topics including transactional queries, and the implementation of new standards.
Communication is the key to a smooth and effective audit. Our friendly audit team are available to assist you on 5221 6399.
Disclaimer: this information is of a general nature and should not be viewed as representing financial advice. Users of this information are encouraged to seek further advice if they are unclear as to the meaning of anything contained in this article. Davidsons accepts no responsibility for any loss suffered as a result of any party using or relying on this article.