How to Prepare for an Audit
Hold a meeting with staff who will be working on the audit.. Designate a single staff member to act as the audit point person.. Gather all requested documents in a single location.
Steps
Hold a meeting with staff who will be working on the audit.
Hold a meeting with staff who will be working on the audit.
Designate a single staff member to act as the audit point person.
Designate a single staff member to act as the audit point person.
Gather all requested documents in a single location.
Gather all requested documents in a single location.
Coordinate staff and records with the auditor before fieldwork begins.
Coordinate staff and records with the auditor before fieldwork begins.
Review issues that were raised in prior audits.
Review issues that were raised in prior audits.
Prepare year-end reconciliation and financial statements.
Prepare year-end reconciliation and financial statements.
Check year-end closing reports to make sure they balance.
Check year-end closing reports to make sure they balance.
Update the notes on your financial statements as necessary.
Update the notes on your financial statements as necessary.
Sign a written agreement specifying the terms and conditions of the audit.
Sign a written agreement specifying the terms and conditions of the audit.
Ask for a list of required documents several weeks before the audit.
Ask for a list of required documents several weeks before the audit.
Seek clarification about unusual transactions before the audit starts.
Seek clarification about unusual transactions before the audit starts.
Avoid scheduling time off during and immediately after the audit.
Avoid scheduling time off during and immediately after the audit.
Invite the auditor to attend board or committee meetings.
Invite the auditor to attend board or committee meetings.
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