The prospect of an independent audit of your company accounts is unlikely to trigger delight. An auditor needs to delve deep into the inner workings of a company, and it may feel as if you’re being presented with a long list of demands at the end of each financial year.
But this exchange needn’t be too demanding of your firm. By taking some simple measures throughout the year, you can ensure that your annual audit is as seamless and effortless as possible.
Perform year-round reconciliations
Leaving it until the last minute to complete reconciliations will prove a sure-fire way to prolong and complicate an audit. To avoid this, we recommend that your finance department completes reconciliations on a quarterly or monthly basis. This will flush out any anomalies early on, leaving you plenty of time to fix them prior to the start of the audit.