Year-End Audit Preparation: 5 Quick TipsDecember 8, 2016
Year-end audit preparation is often synonymous with stress, but it doesn’t have to be. When managed properly, your annual audit can be minimally invasive of your time. Here are five simple things you can do to help your year-end audit go smoothly so that you can focus on other priorities and enjoy the holidays.
1. Involve Your CPA Early On
There’s no way around the meticulous and time-consuming nature of auditing. That’s why it’s important to let your CPA lead the way and take the burden off of your shoulders. Chances are they have already nudged you to begin audit preparation. Take them up on the recommendation to start early–no one has ever said, “I wish I waited longer to complete my audit.”
2. Create a Timeline
Your internal team should work with your auditing firm to develop a realistic schedule for gathering the wealth of information needed. Breaking your audit into smaller tasks with deadlines will keep you on track for minimal stress come crunch time. You might even avoid crunch time altogether.
3. Dedicate Small Chunks of Time
To the same tune as point number two, plan on completing said tasks during precise windows of time rather than blocking out full workdays. This will reduce the anxiety of having to break away from business priorities for long periods of time.
4. Be Thorough
The only thing that takes longer than preparing for an audit is preparing for an audit twice. Do things the right way, the first time. If you are running out of patience for a task at hand, delegate or revisit it. Haphazard information gathering will only set you up for backtracking somewhere down the line.
5. See the Big Picture
Lastly, understand that the audit is more than a requirement. It is a glimpse into your company’s operations, and an opportunity for you to see where your financial strengths and weaknesses lie. At The Curchin Group, we help our clients not only complete their audits efficiently, but also use the information to set and achieve their financial goals. Learn more about our auditing services.