How do I prepare for a corporate audit?

Company audit is an internal or external review of the company's financial information. The internal audit is a review of the company's employees to ensure compliance with specific corporate requirements. External audits review the company's financial statements about the accuracy, validity and proportionality. In order to prepare for the company audit, the company should plan an appointment with auditors, prepare copies of financial information for inspection, cooperate with auditors during the field phase and have a subsequent meeting. Internal audits may be less formal than external audits. Initial meetings focus on hiring a competent auditor who has good results. As soon as it was hired, the company and the auditors move forward to create a schedule. The audit time line depends on the length of the audit, the width of the control processes and the costs that the company is willing to pay. Other items may occur during the meeting that requires a from either company or auditors. Initial Meeting is where the auDitors learn about the company's operation and create a list of prepared clients. The company is then responsible for collecting this information and their readiness for the company audit. The company usually has to make copies of the original information because the auditors will not return these reports. This information remains with the audit company in the framework of evidence for audit.

Field phase is a place where most audit work occurs. During the field work phase, society often has to prepare for interviews with auditors. During the company audit, the audit interview and follow the company's staff to find out how well the company works and remains in accordance with internal or external rules. To prepare for this phase, the company must plan time and inform employees about the audit. This allows employees to understand how they can best help their company.

Companies must prepare for final meetings andUdit, because here the auditors explain their results and issue a report. This meeting must include all important individuals who will be influenced by the audit. The meeting should not take more than a few hours. In some cases, an accountant or audit company will be at a meeting. Preparing for this meeting often begins with a review of the finding of an audit that leads to issues concerning the process.