Preparing For the Annual Audit
Almost everyone dreads an audit. The key to surviving an audit -- and even coming out on top -- is not to panic but prepare.
Try not to look at your company’s annual audit as an ordeal designed to complicate your life.
Some employees dread the annual audit, but there’s really no reason to view your company’s annual audit in a negative light. In fact, an annual audit is an irreplaceable tool to ensure that your financial procedures are in order. It should give you confidence in the strength of your financial systems. The annual audit is just a verification process of your company’s financial systems and statements. The auditor will look at the accuracy of your numbers and the processes and let you know if internal controls steps should be taken to help protect your company against fraud. As a result of the audit, opportunities for improvement might be identified, leading to more effective management in the future.
Why is being prepared for an annual audit important?
Being prepared for the annual audit will not only assist the auditors, but it will also ensure that you have a better understanding of your business and increase the value to your organization. By working together, you and the auditors are more likely to discover ways to improve efficiency and minimize errors. Although the audit may at times be disruptive and intrusive, your cooperation in supplying the needed information will contribute greatly to the speed with which auditors can do their work.
The annual audit can be an expensive undertaking, both in employee time and company money. BOTTOM LINE will partner with your business to prepare for the audit. We offer onsite consultations designed to better prepare you for the audit and to free up your employee’s time so that they can continue to focus on their core job responsibilities and you, the business owner, can continue to focus on running the business.
Jennifer Andrews Foody, Owner of BOTTOM LINE, spent several years as an Internal Auditor performing audits within manufacturing locations, administrative support services and outsourcing arrangements. She has extensive experience in the evaluation of internal controls in the areas of revenue, fixed capital, maintenance, procurement, personnel, payroll, and inventory. Jennifer will consult with your business and can help you to prepare for your next audit.