5. Set Your Timeline
Audits involve much preparation and work . . . and the clock is ticking. Be proactive when your auditor asks for documents and financial schedules. There may be several items on the auditor’s request list. The best way to deal with this list is to assign each request to a team member. Delegation moves things along.
Be sure to give a deadline date when you hand over responsibility. Be realistic with your due date and provide plenty of time to complete the task. Have your team attack the most demanding and difficult projects first. Make sure to allow adequate time for review and correction of schedules if necessary.
Acquire the requested materials and get them ready-to-go before the first day of your audit fieldwork. You might even email your financial statements, schedules and other documents to your auditor so he has them before the start of fieldwork.
Most audit firms have a shared file system where you can upload your items for them to access. The key is to get their listing of requests 90 days before the audit begins and then have EVERYTHING ready for day one of the audit. If you are still working on audit request during the audit you are not ready for your audit.
If you are looking for an audit firm for your organization look no further as TBFoster NonProfit Accounting specialises in nonprofit audit. If you have any questions about your audit please feel free to post them in this group or send them to me at trent@tbfosteraccounting.com or checkout our blogs that we have issued covering these items at www.tbfosteraccounting.com.
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