5 Ways To Prepare For A Company Internal Audit

5 Ways To Prepare For A Company Internal Audit

Auditing can help companies to set ensure that check and balance is being followed all throughout the organization. Through auditing, business owners can spot gaps and identify opportunities that business can take advantage of.

But you also need to ensure that your team is prepared for this process. If your organization is scheduled to undergo an audit, here are some prep tips that might help make the process seamless for everybody:

  • Ask your consultants for the requirements

When you decide to conduct a full company audit, you need to ask your auditors in Abu Dhabi for requirements that you need to fulfill before they start the inspection and the actual audit. Some auditors would probably ask for a copy of some documents beforehand. It would be best to ask them for a list so you can make the necessary preparations and make the process faster and easier for both parties. Have the initiative to ask your auditor about this.

  • Inform the whole team about the upcoming audit

If the upper management decide to conduct an audit, be sure that the information is properly disseminated to the parties concerned. Why? So they can do their part on making the auditing seamless. Most of the time, it is the accounting team that do the legwork. But if you are doing a full system audit, everyone should be involve in the process – including the staff. Preparing them would make it easier for the auditors to conduct checks, schedule interviews, and do focus groups if necessary.

  • Take note of obvious issues beforehand

You might be doing some internal audit yourself. In this case, try to take note of the obvious issues that you will notice. This is for your reference and will also help you create an immediate solution before the auditing starts.

  • Prepare the documents

Apart from the documents being asked by the auditors beforehand, the auditors would probably ask you from more documents as the process moves along. Be sure to provide them with all the information that they will be needing. Lack of documents can result to unsatisfactory audit findings.

  • Be calm and collected

When companies are instructed to do an audit, they immediately go to panic mode. Try not to. Panicking will do you no good. Instead, be calm and comply with the instructions given to you.

Consult with auditing and accounting firms in Abu Dhabi for more tips.