How to Prepare for a Business Audit

Internal or business audits can be quite intense. If you and your employees prepare well, the process should be relatively painless and fast. There are some things you can do to get you ready and prepared for when the auditor arrives. The most important thing to remember is to keep your side clean, be professional and transparent, and be prepared.

As an auditing services provider, Asset Protection Associates knows a thing or two about the process. Here are a few things you can do to get yourself prepared.

Know what is being audited – Ask for a scope for the audit if one is not provided. This will help you prepare the necessary documents and also inform employees of what to expect. Make sure that you are clear on the scope and the requirements of the auditor.

Know the schedule – Auditing generally takes more than a day. Ask for a schedule of what the auditor will be doing when. This will help you prepare the employees and also make plans to ensure that key role players are available at the right time.

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Prepare documents and records – The auditor will be looking at many different things including compliance, performance, finances and more. You should prepare and have all these records neat and ready for when the auditor comes. Best practice is to keep these records, plans, and other documents sorted and filed throughout the year. That makes the whole process a lot easier.

Prepare your employees – Your employees should know what to expect from the audit and also what will be expected from them. If they may be interviewed, they need to know and also know what they should prepare. They must always be honest, professional and knowledgeable about the company processes and systems.

Be calm and available. During the auditing process, your employees will look to you for guidance and reassurance. Always be calm and go about your business as usual. If you’re not hiding anything, everything should be fine. You should also be available to the auditor at all times as questions may arise throughout the process. Not only your employees need to know their stuff, you do too.

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Treat the auditor well. Make sure that the auditor will have a workspace with all the necessary things like a computer, printer, desk, chair, etc. Also make sure that someone looks after him or her by making coffee, arranging for meals, etc. When the auditor is set up well, the process will flow much faster.

Auditing services are a good thing if you want to ensure that your business remains above board and also to help you improve. Auditing is a tool that should be utilized to your advantage. If you are organized and prepared throughout the year, an audit should be no big deal and it should go fast. If you’re still not convinced that auditing is a good thing, look at the reasons why you need auditing.

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