If your business is being audited, your accountant is going to play a crucial role in the process. As your trusted financial advisor and partner, your accountant will be able to help you navigate the auditing process smoothly and ensure you comply with regulations and rules.
In this blog, we’ll take a closer look at the role your accountant will play during an audit and what you can expect during the auditing process.
The Role Your Accountant Plays During an Audit
Your accountant will serve as the primary liaison between your business and your auditor, helping guide everyone through the process. They’ll assist with things like preparing your financial records and organizing them so that everything is readily available when needed. Your accountant may also perform an internal audit before an external one, which can help you identify discrepancies before the external audit commences.
What to Expect During Your Audit
During the actual audit, the auditing party will examine your financial records, statements, transactions, and practices to ensure they comply with the relevant standards. In addition to carefully reviewing your financial records, the auditor may conduct interviews with key personnel and perform tests of your internal controls to determine the reliability of your financial reporting. Your accountant is a good resource if there is any explanation or clarification required for specific transactions or practices.
Navigating an audit can be challenging and nerve-wracking, but with an experienced accountant on your side, you can take steps to prepare yourself, mitigate future risks, and ensure you stay within compliance for future financial reporting. If you’d like to speak with an accountant from our team about preparing for an audit, contact our office today!