It happens every year. Year-end is quickly approaching, and that means putting the financial statements together and getting everything ready for the auditor. You can’t avoid it, but you can make it easier and less stressful.

This session will look at every section of the balance sheet, income statement, cash flow statement, and the notes so that you can anticipate what the external auditor will ask. In addition, we’ll suggest the amount and type of documentation to help you and the auditor.

Getting ready for the auditor means knowing the basics the auditor will ask for and then being prepared for the follow-up questions that are sure to come up. In addition, as mentioned above, you should be ready with that documentation. You should know what an auditor considers an adequate sample that will be representative of the section of financial information being examined. 

On top of that, you should look for exceptions that you will have to explain and justify. This is especially useful if interaction with management will be needed. Although auditors are used to people waiting until the auditor asks them for information or documentation, getting and staying a few steps ahead will not only shorten the duration of the audit, but also foster an atmosphere of cooperation and is more likely to have the auditor trust the financial information and documentation more readily.

There is nothing like the experience of being audited to teach you how to get ready for the next time. However, knowing how an auditor thinks and what they are looking for is very valuable. A good audit means fewer headaches, and a more reliable financial statement that serves shareholders, potential investors, lenders, and other external users such as regulatory bodies.

Since public companies have no choice but to go through an external audit, why not learn a few tricks to make it faster and less work?

Attend this session and learn the secrets of preparing for the audit and doing it quickly and easily. We will help you prepare a Year-end “must-do” items checklist covering those “special” areas the auditor always checks. You will anticipate what information and documentation the auditor will require. You will judge the amount of time and effort you should invest in preparing for the audit. You will know what items should be discussed with management ahead of time so they can get ready for questions that the auditor will ask them directly. You will be aware of your firm’s accounting policies and how they are applied.