For many people in the business world the word audit causes anxiety. After 30 years in business though, we have found more-often-than-not that audits bring about positive results for companies or special districts. Audits reveal vital financial information but they also offer insight about business processes and revenue generation ideas.
Recently, Deloitte conducted research finding that 91% of surveyed companies said that audits reveal opportunities to improve business performance. Additionally, 62% of respondents say that it was somewhat likely that they would have missed important insights if the audit had not occurred.
To insure maximum positive results, some prep work will be required. Here are a few tips about how to prepare for an audit:
- Establish audit protocol and details with your CPA prior to scheduling the audit
- Discuss special transactions or any accounting irregularities prior to the audit
- Decide who will be on point at the office to assist with any needed information
- Coordinate schedules with your executive team and bookkeepers so that everyone can be ready
We have conducted hundreds and hundreds of successful audits. Our clients have found the audit process to be very positive for their organization. Let us know if you have questions or if you would like to speak with some of our clients for insights about the audit process.