How to Get the Most from Your Auditor! - Audit process guide
Working with an auditor can become a turning point for your business, whereby valuable insight into the state of your finances and observance of regulatory legislation will be accomplished. But to get the most out of such a relationship, one must approach the matter strategically. The following is a step-by-step guide to working with an auditor in the best way possible, so that full advantage can be derived from their expertise.
1. Choosing the Right Auditor -
First things first: the best auditor for your company is bound to be one that has experience in your industry, understands your business needs, and is reputable. This might make all the difference in the quality of the audit and the actionable insight you will receive. If you are not sure, have a look at our guide on how to choose a business auditor.
2. Clearly Define Your Expectations
Once you have selected the auditor, it is time to let him know exactly what you expect. You should let him know how you wish to benefit from the audit and point out any areas that may require special attention. This will allow the auditor to work out an appropriate approach and ensure advice given is pertinent.
3. Be Transparent and Provide All Necessary Information
Be transparent with the auditor by providing all the documents and financial records that are needed; give them any information that they may require concerning your business’s situation to enable them to do a good analysis of your business and make recommendations where necessary.
4. Have Regular Communication
Effective communication is necessary throughout the auditing process. Plan for ongoing communication with your auditor throughout the process to help demonstrate progress, answer any questions, and let him/her know about any concerns. You will be more current with what’s happening with the audit and involved in the audit process. It will be much easier to apply potential changes that may be recommended.
5. Auditor Findings
Once the audit is done, take the time to fully fathom what the auditor found out. Ask questions concerning any terms or recommendations that are not clear and ensure you comprehend what it will imply from their analysis. This shall provide the comprehension level needed, hence allowing you to make informed decisions based on the audit report.
6. Apply Recommendations without Delays
The true value of an audit arises from the actionable insights it provides. Review the auditor’s report with the aim to implement their recommendations as soon as possible. This may call for changes in your financial practices, a tightening of controls, or additional training of your staff.
7. Evaluate Auditor Performance
Finally, evaluate the performance of your auditor. Did they meet your expectations? Are their findings of value? This will help you to know if you will go ahead and continue with the same auditor or get a different one for the future.
Conclusion
