An accounting audit works for both large corporations and SMEs. A well-timed audit can help to root out any accounting anomalies through a thorough review and examination of accounting and financial records.
This gives comfort on results, as well as providing some insight to the systems and processes of the business. Helping to identify potential inefficiencies within current systems.
But do you know what to expect with an audit? Our Audit Director Emma Fraser has put together the following brief accounting audit checklist to explain how we manage the process:
- Preliminary audit meeting
- Information gathering and audit planning
- Stock take attendance, where applicable
- Completion of the audit file by Bracey’s
- Follow up points and clearing points raised
- Closedown meeting
- Post balance sheet review/discussions with management
- Issue of audit report with financial statements and issue of management letter
- Submission of documents to HM Revenue & Customs and Companies House
Preliminary Audit Works
During this stage, one of the key areas to note is the way we structure our team to work with you. If your sector demands a specific approach, we match you with a sector specialist. We also outline our approach to staff continuity; we don’t believe you should have to repeat yourself annually when it’s time for your audit. Working with Bracey’s, we ensure that all team members are fully versed on your business and only new processes or areas are discussed annually.
Fieldwork and Testing
This stage will involve verification to confirm the accuracy and validity of documentation. This process will involve reviewing billing statements, purchasing records, invoices and other key documentation.
Your Peace of Mind
As an auditor, we are reviewed for the quality of the work we produce. Our audit team adhere to standards and the quality review or audit checklist will explain the key processes we perform. We operate a transparent process that gives our clients peace of mind and confidence.