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Last updated on 2024年8月5日

Here's how you can effectively engage with auditors during the audit process.

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Engaging with auditors during the audit process can be a daunting task, but it's crucial for ensuring a smooth and efficient audit. Auditors are external or internal professionals who examine your financial records to verify their accuracy. A positive engagement with auditors not only helps in achieving a fair assessment of your financial statements but also provides valuable insights into your financial practices. With the right approach, you can facilitate a productive audit experience that benefits both your organization and the auditors.

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1 Prepare Early

Preparing well in advance of the auditor's arrival sets the stage for an effective audit process. Ensure that all financial statements, ledgers, and relevant documents are accurate and easily accessible. This includes reconciling any discrepancies in your accounts beforehand. By being proactive, you demonstrate your commitment to transparency and efficiency, which can create a cooperative atmosphere from the outset. It's also a good practice to review previous audit findings and address any issues raised to show auditors that you're attentive to their recommendations.

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Jeffrey Johanns

Associate Professor of Instruction at University of Texas at Austin - McCombs School of Business
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A good practice is to request a prepared by client (PBC) list of information (including reconciliations, etc.) required by the auditor before field work begins. The PBC list should include dates required and responsibility for preparation assignments.

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Waleed Al Enizi

Accountant @ Advanced Electronics Company | Cost Accounting Expert
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1. Preparation 2. Communication 3. Collaboration 4. Transparency 5. Responsiveness 6. Organization 7. Follow-Up 8. Training and Awareness 9. Documentation of Processes 10. Professionalism

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Wycliffe Aloo

MBA, B.COM, CPAK, CISA,
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Acquaint yourself with knowledge and documents needed for the audit. Collect financial materials needed(both the financial statements and supporting documents.

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2 Know Your Numbers

Understanding the details of your financial reports is crucial when engaging with auditors. You should be able to explain the rationale behind transactions, accounting judgments, and estimates that your team has made. This level of knowledge not only instills confidence in the auditors about your competence but also enables you to clarify any misunderstandings promptly. Remember, auditors may ask probing questions, and being well-versed with your numbers will help you provide clear and concise answers.

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3 Clear Communication

Clear and open communication with auditors is key to an effective engagement. Be honest and forthcoming about any issues or challenges your company may have faced throughout the year. Establishing a single point of contact within your organization for the auditors can streamline communication and ensure that responses are consistent and timely. Regular meetings and updates can also help keep everyone on the same page and prevent surprises at the end of the audit process.

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Jeffrey Johanns

Associate Professor of Instruction at University of Texas at Austin - McCombs School of Business
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Early preparation and regular updating and discussion of a "Gantt" type chart can assist in ensuing clear communications. The chart should contain key dates and information to be provided by the client. When dates are not met, reasons for delay can be discussed as well as alternative plans identified on a timely basis. This process can eliminate surprises and avoid "finger-pointing" as the audit progresses.

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4 Be Cooperative

A cooperative attitude goes a long way in building a positive relationship with auditors. Be responsive to their requests for information and provide complete and accurate data promptly. If you disagree with an auditor's finding, discuss it respectfully and provide evidence to support your position . Cooperation isn't about agreeing with everything the auditors say; it's about engaging in a professional dialogue to reach a mutual understanding.

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5 Learn and Improve

View the audit process as an opportunity to learn and improve your financial processes and controls. Auditors can provide valuable feedback that can help you enhance your accounting practices. Be open to their suggestions and willing to implement changes that can benefit your organization. This approach not only helps in the current audit but also sets a positive precedent for future audits.

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Jeffrey Johanns

Associate Professor of Instruction at University of Texas at Austin - McCombs School of Business
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Auditors have the opportunity to see a wide spectrum of companies, often in the same industry, and can determine best practices. Providing these best practices to a client is a real value-added service, often with little or no additional cost.

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Gursharan Singh

Trainer-Knowledge Sharer-Auditor at Self Employed Independent Auditor-Training Consultant
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Relationship among auditor and auditee should be based on mutual trust and partnership and not advertorial as common perception may be that auditor is only interested in finding faults and not give due credit when all is fine. This miscommunication should be removed as both are working in the best interest of the entity. Bless all

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6 Maintain Records

Keeping meticulous records of all your financial transactions throughout the year is essential. This includes maintaining clear documentation of contracts , agreements, and correspondences related to financial matters. Having an organized record-keeping system can significantly expedite the audit process, as it allows auditors to easily verify transactions and understand the flow of funds within your organization. It also demonstrates your commitment to maintaining high standards of financial integrity.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Ademola Adeniji

Assurance Associate @ Ernst & Young
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To engage with auditors effectively during the audit process: - Communicate openly and transparently - Participate actively and collaboratively - Resolve issues proactively - Maintain a professional and respectful attitude By following these steps, you can build trust, ensure a productive audit process, and achieve a successful outcome.

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Here's how you can effectively engage with auditors during the audit process.

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3

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1 Prepare Early

2 Know Your Numbers

3 Clear Communication

4 Be Cooperative

5 Learn and Improve

6 Maintain Records

7 Here’s what else to consider

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