1 min read
Why your nonprofit’s internal and year end financial statements may differ
Do you prepare internal financial statements for your board of directors on a monthly, quarterly or other periodic basis? Later, at year end, do your...
The end of the 2014 calendar year is quickly approaching. Many companies fiscal year will be ending during this time as well. It may be time to start thinking about your financial audit and the expectations of the auditors and management. It’s never too early to begin preparation with your businesses audit team.
At the end of the year, many companies get very busy with their daily and annual recording completion deadlines. It’s easy to put the upcoming audit to the side and postpone preparation and follow up with your auditors. The expression, the best defense is a good offense, can pertain to a businesses’ audit preparation as well as a sports team. Management should review recommendations made by the audit firm of any significant weaknesses, making sure they have been addressed throughout the past year.
Communicate with your audit team to make sure they are aware of any changes that may have occurred in management or in the financial statements throughout the previous year. Unplanned situations during the audit will not only prolong the time taken at the business place, but cause unnecessary stress on both parties as well.
Management should contact the audit team and have them compile a list of all the items they will be requesting to complete the audit. This particular task will help decrease inefficient use of time while the auditor is present at your business. This will also give the auditors an opportunity to work on the audit before arriving at your office. Auditors will have a better concept of the work ahead and will be able to gather a list of questions before the onsite work begins.
Preparation prior to the audit can help the audit team as well as management by decreasing the stress of last minute preparation. If you have any questions regarding your upcoming audit, audit preparations, if you are not sure an audit is necessary for your business, or if you need an audit team for this year’s upcoming audit, please contact us.
/posted by Danielle Arnold
2 min read
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