An audit does not need to be a complex, frustrating ordeal. You can achieve a smooth, efficient audit that provides major value to your organization by adhering to one principle: preparation. Lay the groundwork for success by taking these simple steps ahead of time:
Communicate your priorities
Prior to the audit, draft a list of annual activities you believe to be most significant and submit it to Baker Tilly in advance, so we have time to review and ask questions. Also, spend time with us to discuss how your organization has changed in the last year, and how these changes could impact your audit’s priority areas. By doing this, Baker Tilly audit team will design an audit plan that incorporates your priorities and provide insights to address them, making the work much more useful to your organization.
Prior to the audit, draft a list of annual activities you believe to be most significant and submit it to Baker Tilly in advance, so we have time to review and ask questions. Also, spend time with us to discuss how your organization has changed in the last year, and how these changes could impact your audit’s priority areas. By doing this, Baker Tilly audit team will design an audit plan that incorporates your priorities and provide insights to address them, making the work much more useful to your organization.
Establish a tracking system
Organizing data will help you streamline your audit, reducing the time you may need to spend with the audit team and the time we spend locating documents, which, in turn, reduces your costs. Implementing, and proactively using, a tracking system is helpful in keeping the work organized and helps the audit get completed more quickly.
There are several approaches to tracking. Electronic file storage sites like Huddle and SharePoint maintain an upload history of important documents and enable you to track progress of information requests in real time. Alternatively, you could build a proprietary application, or even simply create a folder directory on your network.
Any of these methods can help keep the audit in order and enable Baker Tilly to work efficiently on your audit file. Plus, it will make it easier to navigate the audit documents whenever you need to look at them in the future, including when you prepare for the subsequent year’s audit.
Participate in the kickoff meeting
A kickoff conference, whether in person or virtually, is essential. It provides an opportunity to talk through your needs, iron out the logistical details, debrief from the previous year and establish your expectations for this year. Kickoff meetings also get everyone on the same page, which leads to greater overall satisfaction. Prior to the kickoff, you and the audit team can jointly create an agenda that gives the discussion structure and ensures that both sides get what they need out of it. Prepare by bringing any questions you have so you can leave the meeting confident you understand the scope and strategy for the audit. Topics to address include:
A kickoff conference, whether in person or virtually, is essential. It provides an opportunity to talk through your needs, iron out the logistical details, debrief from the previous year and establish your expectations for this year. Kickoff meetings also get everyone on the same page, which leads to greater overall satisfaction. Prior to the kickoff, you and the audit team can jointly create an agenda that gives the discussion structure and ensures that both sides get what they need out of it. Prepare by bringing any questions you have so you can leave the meeting confident you understand the scope and strategy for the audit. Topics to address include:
- Current-year activity and transactions, and their impact on the audit
- Outstanding questions about prior year’s audit
- Implementing prior-year suggestions
- Organization’s response to prior year’s management letter and internal control report
- Status of the preliminary work and initial information requests
Prepare your staff
Independence is key to our relationship with you, but there is also a high degree of collaboration to the process; your staff will need to communicate and work with the audit team throughout. Onboarding your team to the audit process ahead of time minimizes the disruption in their day-to-day work while we are onsite, minimizing lost productivity.
To get your staff ready for audit season, encourage them to make audit assistance an official part of their workload. Consider adding a check-in call to your staff’s schedules so they interface with the us regularly and make sure the audit team have everything they need. A mutually cooperative environment simplifies the audit for all parties involved.
Independence is key to our relationship with you, but there is also a high degree of collaboration to the process; your staff will need to communicate and work with the audit team throughout. Onboarding your team to the audit process ahead of time minimizes the disruption in their day-to-day work while we are onsite, minimizing lost productivity.
To get your staff ready for audit season, encourage them to make audit assistance an official part of their workload. Consider adding a check-in call to your staff’s schedules so they interface with the us regularly and make sure the audit team have everything they need. A mutually cooperative environment simplifies the audit for all parties involved.
Plan for timing of testing and review
The audit team will create an audit plan that approximates the amount of time each audit area will take to complete. We will communicate with you any anticipated changes to this plan as the work occurs. A mutually agreed-upon plan that includes anticipated timing for each step in the audit process will help your deadlines get met. This plan should also include your review of the draft audit deliverables prior to issuance. By taking a proactive approach to your next audit, you can create the conditions for a seamless process that provides the maximum benefit to your organization.
The audit team will create an audit plan that approximates the amount of time each audit area will take to complete. We will communicate with you any anticipated changes to this plan as the work occurs. A mutually agreed-upon plan that includes anticipated timing for each step in the audit process will help your deadlines get met. This plan should also include your review of the draft audit deliverables prior to issuance. By taking a proactive approach to your next audit, you can create the conditions for a seamless process that provides the maximum benefit to your organization.