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Benefits of Preparing for an External Audit

By Net Assets posted 7 days ago

  

(From Nashville Business Journal) Maintaining your relationship with your auditors throughout the year can help alleviate any hardships, including time constraints, during the year-end audit process, says Cynthia Morgan, manager at BKD CPAs & Advisors. There are a number of factors that can reduce the burden of performing an audit, including designating a main contact person within your organization, establishing meeting rooms and an interview schedule, and maintaining and reviewing detailed data files prior to the submission to the auditor. Together, auditors and staff members can work together to consider the information within the organization’s financial reporting system and identify ways to improve for the next year. As you prepare for, or consider an external audit, consider embracing the audit process as a proactive strategy to improve your business, systems and processes.

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