The more strategic and proactive you are with audit, the more your business can get out of it. And the larger your company, the bigger a difference some advance thinking can potentially make. Here are my top recommendations for getting the most out of the process:
This would always be my starting point. Your auditor needs a deep understanding of your industry, so they can provide real insights as well as help with compliance. They also need a solid reputation and adequate resources to work with a business of your size and complexity.
Avoid last-minute pressure and engage with your auditors early on. Set clear objectives beyond the usual statutory requirements and maintain an open line of communication throughout the audit process.
Make sure your finance team is well prepared in terms of documentation, financial reports and internal records. Review key risks and controls, so you can discuss their effectiveness and ensure your financial systems can provide the necessary data for the audit.
If you conduct an internal audit, you can get ahead of any issues that might arise in the external one. See if you can strengthen your internal controls and governance structures, as your auditors will undoubtedly be reviewing them closely.
Why not use benchmarking to see how you compare to industry peers? Your auditor may well have access to data. You can also focus strategically on opportunities for improving business processes, reducing costs and managing risk.
Advanced data analytics and technology are now very often part and parcel of the audit process. They can help you generate deeper insights into your business performance.
Review your management letter carefully, as it should outline areas of concern and recommendations for improvement. You will then need to act to enhance your financial reporting, internal controls or operations. Use the audit as a springboard for continual improvement.
By following these straightforward steps, you have the chance to add value to your business and maximise the impact of the audit. But if you’re interested in having a more detailed discussion about how to approach the process, why not give Page Kirk a call? You can reach us on 0115 955 5500. Alternatively, email us at enquires@pagekirk.co.uk.
“Since joining Page Kirk in 2015, I’ve progressed to HR Manager, leading recruitment, policies, communications, and staff support across the firm.”
The Page Kirk team ensures all content is accurate, fact-checked, and aligned with current financial standards.
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The Page Kirk team ensures all content is accurate, fact-checked, and aligned with current financial standards.
“Since joining Page Kirk in 2015, I’ve become HR Manager, overseeing recruitment, policies, communications, and staff support.”
The Page Kirk team ensures all content is accurate, fact-checked,
and aligned with current financial standards.
