Preparing For Your Audit
Is Your Annual Audit A Positive Experience?
You may view an audit as an annual ordeal specifically designed to complicate your life.Actually, it’s simply a verification process of your company’s financial systems and statements.After the auditors gather sufficient evidence to satisfy them that your financial statements are fairly stated,they can give an opinion on those statements.
In other words, you issue the financial statements. The auditors merely test and conclude whether the statements are materially correct and whether the systems and procedures used to generate the financial information are free from obvious design deficiencies.
But our firm’s professional service philosophy recognizes that you deserve more than a financial statement opinion. The audit should be a springboard into more effective management tools and ideas that allow you to look forward to a more successful future.
Through our audit engagements, we typically identify opportunities for improvement. We wrap many value-added services around the basic audit so that it is truly a win-win arrangement for all involved.
What should we expect in our audit?
An external auditor has been described as one who enters a battlefield after the fight and bayonets the wounded. But you should view the auditor as a resource, not an adversary.The internal accounting staff and the outside auditing firm should work together to ensure that financial statements are usable, accurate and timely. Meeting these goals gives users higher confidence in the statements and helps you recognize opportunities for improvement.
Since auditors express an opinion on the broad financial statements, most of the detailed schedules they request are merely items your company should have as part of its normal accounting procedures.