{"id":1709,"date":"2020-03-02T01:52:00","date_gmt":"2020-03-02T09:52:00","guid":{"rendered":"https:\/\/addison.lwh.dev\/insights\/7-tips-for-a-successful-audit\/"},"modified":"2020-03-02T01:52:00","modified_gmt":"2020-03-02T09:52:00","slug":"7-tips-for-a-successful-audit","status":"publish","type":"post","link":"https:\/\/addisongroup.com\/insights\/7-tips-for-a-successful-audit\/","title":{"rendered":"7 Tips for a Successful Audit"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\">Contributed by Bridgepoint Consulting, an Addison Group Company<\/h4>\n\n\n\n<p>It\u2019s crunch time! Another audit season is before us, and this time of year can be the most frantic time for business professionals. In my experience, I have found that a little preparation and organization can go a long way toward facilitating a successful audit process, minimizing audit adjustments and surprises, lowering your audit fees in the future, and getting more value out of the audit process.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Here are some helpful tips and best practices to ensure your process goes smoother than ever:<\/h2>\n\n\n\n<p><div class=\"number-path-list\">\n<p><strong>BE PREPARED<\/strong> \u2013 Request the Prepared by Client (\u201cPBC\u201d) list from your auditor at least a month in advance of the beginning of fieldwork. Whether this is your first or twentieth year with this auditor, the last thing you want is to be surprised by what is being asked. Also, make sure all the requests are clarified before you start work. Don\u2019t assume you understand what is being requested and why. Ask the auditor for clarity if you\u2019re unsure, and don\u2019t be afraid to ask why something is being requested if you feel it\u2019s unnecessary or not applicable. This can save both sides a lot of time.<\/p>\n<p><strong>ASSIGN WORK APPROPRIATELY<\/strong> \u2013 Any reconciliations\/roll-forwards\/supporting schedules should be owned by people that know they are responsible for that GL account\/group of accounts. Many of the supporting items should\u2019ve been completed as part of the year-end close process, so make sure everyone is clear on that. The last thing you want is work being overlooked, or worse, multiple people doing the same, and often conflicting, work.<\/p>\n<p><strong>START A DIGITAL DATA ROOM<\/strong> \u2013 Using a digital data room will allow you to share the PBC files, or leverage that of your auditor. It is also important to make sure everyone is clear on a consistent naming convention for files, so they are easy to find. Emails back and forth are a recipe for failure when trying to ensure that items don\u2019t get lost or missed in the daily shuffle.<\/p>\n<\/div><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Continue reading <strong><a href=\"https:\/\/bridgepointconsulting.com\/7-tips-for-a-successful-audit\/\">7 Tips for a Successful Audit<\/a> <\/strong>on the <a href=\"http:\/\/bridgepointconsulting.com\">Bridgepoint<\/a> blog<\/h3>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s that frantic time of year again&#8230;audit season. In our experience, we have found that a little preparation and organization can go a long way, and minimize risks. Use these seven tips to make your process more efficient.<\/p>\n","protected":false},"author":9,"featured_media":1710,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[109],"tags":[],"post_function":[],"post_audience":[],"class_list":{"0":"post-1709","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-recruiting"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>7 Tips for a Successful Audit - Addison Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/addisongroup.com\/insights\/7-tips-for-a-successful-audit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"7 Tips for a Successful Audit - Addison Group\" \/>\n<meta property=\"og:description\" content=\"It&#039;s that frantic time of year again...audit season. 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