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An external audit of a company allows you to confirm the accuracy of financial statements, compliance with legal requirements, and the reliability of internal processes. Proper and responsible preparation for this event reduces the risk of detecting violations and increases the transparency and efficiency of the entire company.
Only auditors from notified organizations have the right to conduct an audit of the management system for compliance with ISO requirements. We do not recommend neglecting preparation for this process.
Companies most often encounter the following difficulties during an external audit:
Each issue needs to be approached systematically. This is the only way to achieve the desired result when undergoing an external audit.
The lack of systematized documentation and disorder in reporting is a problem for many enterprises. Incorrectly оформлені or lost papers delay and complicate the work of the auditor.
You can get rid of such issues by implementing a document management procedure. It should include the correct storage and management of all financial and operational papers. It is best to automate these processes using specialized software. It is also recommended to appoint a responsible person who will check and maintain the documentation in an up-to-date state.
The success of an external audit largely depends on the qualifications of employees who work with reporting and accounting documents. If their qualifications are weak, this can lead to errors and difficulties in preparing data for the auditor.
The company should conduct regular staff training. Improving the qualifications of employees in the accounting and finance department will also avoid many problems. Courses and training on current financial reporting standards and internal control will help minimize errors.
A weak internal control system makes it difficult to verify data. As a result, the risk of false information entering the reporting increases. For the auditor, the absence of internal control is a signal of potential risks and weaknesses in the company.
For a successful external audit, an effective internal control system must be developed and implemented. It should include measures to verify and confirm all financial transactions. Also, do not forget about protecting the company’s assets and assessing the effectiveness of its activities.
Often, companies do not understand the requirements that auditors impose, which increases the time to prepare for this process. The company may focus on less important details, while not paying enough attention to those aspects that are important to the auditor.
To avoid these difficulties, it is recommended to hold a preliminary meeting with the auditors, where it is necessary to outline the requirements and questions that arose during the preparation process. Discussion will help determine the main priorities. It is also useful to use checklists, they will allow you to systematize the requirements and track progress in their implementation.
Preparation for an external audit takes time. Often, companies postpone it until the last moment, as a result, the likelihood of errors increases due to haste.
The optimal solution is to develop an audit preparation plan with specific deadlines for completing each task. It should include the following stages:
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This approach will avoid complications and ensure quality preparation.
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