Audits can sometimes feel like an extra burden for finance teams in any business. Whether it’s an internal audit, a regulatory compliance review, or an external financial audit, the process can be complex and time-consuming.
At EKWilliams, we understand the challenges and are here to make the audit process as smooth and efficient as possible for your business. Our experienced team will work with you to minimise disruption, scheduling around your business needs and focusing on what’s most important to you. We also provide valuable feedback on internal controls and risks, helping you strengthen your processes.
To help you prepare, this guide outlines key steps to ensure your business is ready for a successful audit.
Preparing for an Audit
Planning
Thorough planning is at the heart of a successful audit. The first step in preparing is to confirm the deliverables and deadlines so that a clear plan can be built. As your audit approaches, our team will be in touch to establish a timeline and communicate exactly what we’ll need from you.
Keeping your financial records up to date throughout the year can ease the pressure when audit time comes around. Completing reconciliations regularly and ensuring all supporting records are organised and accessible will make the process more efficient.
Staying Updated with Accounting Standards
Accounting standards and regulations are constantly evolving, and it’s vital to ensure your finance team stays informed about these changes. Keeping up to date with the latest guidance reduces the time needed to gather data and make any necessary adjustments to comply with new requirements.
At E K Williams, we can support your team in staying informed, helping to ensure a more streamlined audit process and reducing compliance risks.
Reviewing Previous Audits
If your company has been audited in the past, it’s important to assess any changes in your financial or operational landscape since the last audit. Significant shifts—such as new types of transactions, material changes in balances, or updates to internal control systems—could impact this year’s audit process.
Changes in key personnel, management structures, or non-financial aspects should also be considered. EKWilliams will help you identify and address these changes, ensuring your audit goes smoothly.
Organising Your Data
One of the most important aspects of preparing for an audit is ensuring your data is organised and ready for review. Below is a general checklist of items that are commonly requested:
- Access to your accounting system or relevant financial reports
- Reconciliations for key balance sheet accounts
- Copies of bank statements
- A going concern assessment, supported by budgets and cash flow forecasts
- Invoices and other documents for sample testing
- Minutes from key meetings and other organisational records
Though the exact requirements will vary depending on your organisation, EKWilliams will confirm precisely what’s needed well in advance of the audit start date.
Next Steps
If your business is preparing for an audit, consider EKWilliams for a friendly, professional and efficient process. Our team of specialists will plan and conduct your audit with minimal disruption to your daily operations, delivering valuable insights on internal controls and highlighting any areas of risk.
Trust us to provide a thorough and professional audit experience that adds real value to your business. Reach out today to see how we can help.