October 23, 2017 by Snupit
The impending arrival of an auditor can cause every employee to become nervous, and extra hours are often required to get the reconciliations handled by the time the audit is due. Rather than racing around like a nervous wreck, implement a few simple practices to make everything smoother and better organised. This will ultimately make the audit go smoother, as the auditor will see that you are running a tight ship, and your calm collectedness will reassure the auditor too. Here are a few ways you can feel prepared without the stress and anxiety a few weeks before your auditors arrive.
1. Relax and keep calm
Once the audit has begun, your chance to “save”, “rescue” or “change” anything is over. Don’t hold your breath, at this point, there is nothing more to be done. Simply go with whatever happens. Be polite, friendly and accommodating to the auditors. Try to be helpful and transparent too.
2. Preparation for good luck
Being prepared is the real origin of good luck. Prepare for an audit on an ongoing basis by doing monthly or quarterly reconciliations throughout the year. This will enable you to rectify areas that won’t reconcile. Doing it sooner rather than later ensures that the problem does not compound, is more easily resolved, with fewer investigations being needed.
3. Stay in touch
Do not hesitate to seek advice and guidance from your auditors throughout the year, especially if you are engaging in new transactions or taking on new software. Seeking their guidance displays your commitment to doing it “right” and also prevents the need to have to correct things that were done incorrectly later on. It will make your life, as well as that of your auditor, easier and simpler when year end comes.
4. Get organised
Technology is a wonderful tool that can make a profound impact on the level of organisation in our businesses and our business transactions. Ensuring that accounting and program staff are preparing reports and submitting them timeously and be done with desktop calendars with push notifications and reminders. It also ensures that the responsible people are held accountable for their duties.
5. Electronically, for your protection
Keeping your transactions listed can be a difficult task with room for many errors, like misplacing documents, or forgetting to keep a record. Performing everything electronically keeps permanent, easily accessible record, which can benefit all the parties involved. Try to avoid cash altogether.
6. Breathing space
During the audit, ensure that you are available and easily accessible, but give the auditor the space needed to get on with the job in peace. Be ready to answer any questions, without hanging around and getting in the way. Having records that are logically stored and easily accessed will help the auditors to get on with their job as quickly as possible.
To find a company to assist you with audits, browse through the online directory on Snupit. Snupit has everything you could possibly need, under one, convenient roof!