The Audit Process16 Aug, 20223 Mins
An Audit is much more than just numbers to us, it is ensuring strong foundations for the fut...
An Audit is much more than just numbers to us, it is ensuring strong foundations for the future. The process does not need to be complex and scary. Read our 4-step audit process, which breaks down what to expect from an audit.
Step 1 Planning
We will invest time to understand your business and its systems and controls, with the close involvement of both your audit partner and manager. After an initial meeting with you, we will prepare a plan which confirms both the audit scope and our approach. The plan will include both a detailed audit risk assessment and a timetable that is realistic and achievable. We usually choose our samples for testing at this stage, to allow for supporting information to be collected before fieldwork begins.
Step 2 Audit Fieldwork
We offer a flexible approach with both on-site and remote working. We focus on the risks we identified during our planning process and highlight any unforeseen issues. We use ‘TeamMate’ software to assist us with our analytical audit work. This approach has a number of advantages over conventional audit testing, including efficient examination of the entire data set; rapid identification of exceptions and fraud indicators; and highlighting unusual data patterns for further investigation. We will also prepare your statutory accounts and tax computations at this stage, minimising requests for duplicate data.
Step 3 Reporting to you
As well as informal reporting on our progress throughout the audit, we will meet with management (and the Board if different) after the fieldwork. This is our opportunity to take you through the draft accounts and tax computations and to explain the outcome of the audit. Our report will include details of how we have audited risk areas in your business, whether there were any weaknesses in the systems and controls, and any changes that have or should be made to the draft accounts.
Step 4 Adding Value
We invest our time to understand and discuss your business strategy and plans. Our audit and advisory teams have significant experience and knowledge of most market sectors, which they will share with you – all coordinated by our partner contact. We will continue our business discussions with you throughout the year through informal or regular meetings, scheduled to suit you.
For more information on our auditing services, please contact our audit team at email@example.com.