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An audit readiness assessment is a process that is conducted months before an actual audit takes place. It is typically done several months in advance and aims to evaluate your company's preparedness for an upcoming audit.
The Accountant Firm conducting audit engagement must be independent, remain impartial, and free from any undue influence or bias when performing their professional duties. This independence is crucial for maintaining the integrity of financial reporting and ensuring the accuracy and reliability of financial information. The auditing firm will assess your record and make an opinion, they cannot fix errors or suggestions as this impairs an independence of the auditor. That is why it is important that before you hire an auditor, you prepare your records to be presented.
We help to evaluate, organize, and clean your company’s records before audit engagement. The audit reediness process includes several steps such as a review of documentation, debt agreements, leasing arrangements, lawsuits, complex transactions, technology modifications, and contracts with major customers and vendors. We help to review the record and financial statements, complete balance sheet reconciliation, assess revenue and expense recognition, evaluate internal processes, and complete assessment of assets and inventory. We also help to prepare and implement internal controls to ensure compliance with relevant standards, regulations, and policies, and prepare policies necessary to outline the internal processes.
The audit reediness process is a crustal part of preparation for the audit. Preparing records for audit assessment doesn't have to be a daunting task. With the right support and expertise, organizations can navigate the audit preparation process with confidence and ease. At Whitnah CPA we are committed to helping organizations streamline their audit readiness efforts, ensuring compliance, and fostering trust and transparency. Contact us today to learn more about how we can assist you in preparing your records for audit assessment.
