How Should Business Leaders Prepare for an External Audit?
Preparation for an external audit is critical for a smooth and efficient process. Here are some steps business leaders can take:
Internal Controls: Ensure robust internal controls are in place to maintain accurate and reliable financial records. Documentation: Maintain comprehensive and organized documentation of all financial transactions and relevant records. Communication: Establish clear lines of communication with the external auditors and provide them with the necessary information and access. Training: Train your team on the importance of audits and their roles in the process to ensure full cooperation.