Ready for Audit
Are your audits painful?
Do you and your team dread any time an auditor makes a request? Are you concerned you won’t be able to support a number on your balance sheet, find a reconciliation or help the auditor understand why that amount is correct?
No one should have to do a ton of extra work just because the auditors are doing their job. That means no going on a hunt for reconciliations that someone isn’t even sure are done or answering questions that could be told by “reading” the reconciliations themselves. But how do you get to this position?
Documenting and optimizing your reconciliation process can impact how ready you are for your audit by giving you confidence that:
Your balance sheet is properly supported by quality reconciliations
Your reconciliations are completed (both prepared & reviewed) before the auditors need them
Your reconciliations are easily located
Your reconciliations are completed by individuals who know and understand the flow of inputs and outputs
Your reconciliations are reviewed by people who appreciate the characteristics of a quality reconciliation
GET RECONCILIATION STRONG™
What is one thing you can do today to be audit-ready? Consider asking your team their opinion of your current reconciliation process and if they would like to be involved in optimizing it. You might just find someone who is passionate about the impact that a quality reconciliation process can have on your organization. Let’s get them and the rest of your team Reconciliation Strong. You’ll end up with audits that are less painful because of the confidence you have in your quality reconciliations.
