Audit File Preparation

Features

A financial audit is an independent, objective evolution of an organization’s financial reports and financial reporting processes.

The primary purpose for financial audits is to give regulators, investors, directors and managers reasonable assurance that financial statement is accurate and complete.

Our team of experts will help to prepare you for an audit. We follow these steps to make sure you are preparing to succeed in any audit:

Create a plan

Planning is the key to the success of the audit, it allows to direct the audit effort towards the areas expected to be most at risk of material misstatement.

Keep yourself updated about accounting standards:

Accounting is a field where laws, rules, and tools keep on changing. To best serve the company, we will keep up to date with new standards and manage or track data in different ways.

Follow changes in the company activities:

For financial audit, all company activities like launching of a new program, the grant received, a significant change in the control systems and discontinuation of any activity during the year, or any impairments must be informed. Any other changes in activities other than those that may affect accounting and reporting should be communicated during the planning process.

Lessons learned from previous audits:

It’s better to take a round of your previous audit adjustments that happen last year, check out the internal control recommendations, or any special efforts encountered in your previous audit. They can become a good starting point to the Auditor as you won’t repeat the same mistakes twice. Our experts will review records and help you to make sure these mistakes are not repeated.

Create course of events and assign the Task:

We will review your previous work papers and timetables mentioned by the reviewers, we will help in assign roles and responsibilities to your responsible members and set deadlines.

Organize details:

Our team of experts will make suitable review plans and schedules that can be considered for the future. We will help and organise critical information such as financial transactions and classifications, for example, money, income and receivables, costs and payables, speculations, fixed resources, debt, and so on to make it simpler during the audit.

Clarification:

If something is unclear, our dedicated team are there to explain and avoid significant errors or delays. Auditors usually feel glad to respond to the complicated questions related to audit and financial reporting.

Final Report:

After reviewing all the necessary information by our team, in the end, we will maintain a smooth line of communication with your financial auditors during the fieldwork and delivery of the audit report. For any open items, we will help to agree and finalize any actions that required to close them.