Share what you know with millions of people
Focus is the best place to turn what you know into remarkable content
0
The Board of Directors at my company has requested an external audit. Does anyone have any tips for preparation?
I'm a Finance Director at my company and our Board of Directors has requested an external audit. What are some things that I can prepare for? or does anyone have any tips that can help make the process run smooth?
Events
- Dos and Don'ts of Small Business Marketing May 29 @ 11 am PT
- Lead Nurturing 202: The Next Generation May 31 @ 11 am PT
- The Tricks to Paid Media June 6 @ 11 am PT
- Display Advertising for Brand Awareness June 20 @ 11 am PT
Related Activity
2 Answers
I agree. Your external auditors should provide you with a checklist.
In addition, not knowing your company makes your question very broad. For instance, if there is preferred stock or common stock then you need to worry about capital structure schedules, if you have inventory then there will be a lot of schedules required just focused on inventory, and the list goes on.
If the Board is asking for a general audit for the purpose of due diligence, they may not have a particular "checklist" in mind. In that case, it should come from the selected auditing firm. This list is usually a boilerplate document that is provided by the auditor. If not, then I would ask them to provide you with a list of schedules, files, and other information that they will expecting to complete the audit. They should be prepared to provide you with this audit schedule well in advance; in fact, many automatically provide you with it because it makes their job easier and holds down costs.
Answer This Question