Consistent financial audits are crucial for monitoring the health of your business. However, an audit will be much more helpful if it’s carried out successfully. Below, we explore the steps to achieving a successful financial audit.
Get the right auditing team
A successful financial audit will often require engaging with a skilled, experienced team to help you carry out the process. When you’re looking an audit team there are a few things to consider. Ideally, you’ll be able to form a good relationship with the team and work closely with them. Plus, they should have some experience in your industry and of auditing similar companies.
Understand the audit plan
You should work with the auditing team to produce a comprehensive plan prior to the audit. Management staff within your company should be aware of this process and any action they’ll need to take to aid it.
Transparent and available information
The longer an audit takes, the more it’ll cost. You should ensure that prior to the audit you have all the relevant information readily available. The more transparent your business is, the easier and shorter the audit process will be.
Proactive relationship with auditors
Once the audit begins, don’t simply disengage with the auditing team. Try and stay engaged with the whole process. You should be able to assist with any data requests the team has and act as a bridge between the auditors and the rest of the business. Again, things will run more smoothly if senior management staff act in a similar manner too.
Organise the data
Once you reach the closing stages of the audit, you should be able to organise your data and findings clearly. Classify the data into easily accessible groups and sub-folders: this will mean that in the following years, you can simply find information to inform your processes.
Review once finished and learn
A financial audit isn’t finished once the data is collected though. To make it successful you must act on the findings and work out what you’ve learnt. With each finished audit, you should review the process and work out how you can make the business more efficient.
Conducting a financial audit can seem like a daunting process. But by getting the right team and by sticking to a carefully considered plan, you should be able run an efficient and helpful audit.