Audits are often scary times for a business. It can also be exceptionally confusing for people who are not aware of financial issues. So if you have not ever prepared for an audit before, or if you have gone through one but want to make things easy for yourself, then here are some easy to follow tips that you can incorporate in your business practices that will make life a lot easier for you.
So the first thing that will give you some audit help is to start way ahead. By this we mean that you should start getting a copy or photocopy of every single receipt, cheque, return of payment, quote, and procurement item list that you have. This will end up helping you because one thing many people fail to realize is that if you start getting all the audit items a day before the audit, or in some cases the morning of the audit, you are increasing the likelihood of something being missing and then getting in trouble for it. More than that you are also wasting time for the auditors, which means that you will be charged a lot more and lose company budget over. You are charged for the hours of the amount of auditors there. If you have a large team and you waste time finding 6 months worth of documents and then get them photocopied then you will end up greatly increasing your total bill.
You will also find that it is much more beneficial for you if you make the auditors life easier. Many times auditors will have to go through 100 page documents that only really give them a few lines of relevant information. This will not leave them in a mood to discuss or ask questions when a discrepancies comes up.