Audit Preparation Assistance

Today, organizations are often audited by several different agencies. In addition to internal and external audit, tax authorities and social security also periodically want to review the accounting systems for tax assessments and settlements and associated processes and systems.

In addition, more and more companies obtain some kind of certification. Certification bodies, whether for ISO certification, other standards such as stock exchange and other financial regulators, or the approval of drugs and medical devices, may all perform independent audits. The results of these reviews can have a greater influence on the organization?s future than those of a purely financial audit.

Why Audit Preparation Assistance?

The sheer numbers of audits and different types being performed can be stressful for the organization under review.

Therefore, as well as ensuring compliance with the requirements of the individual auditor (as part of Compliance Management) it is also important to prepare for major audits and inspections and to be aware in advance of any potential areas of weakness.

This means that big surprises will be avoided in an inspection and therefore also the risk of having to take remedial actions rapidly or even of interruption of business operations by the auditor.

Our Services

Audits with the greatest consequences for the company should be identified at the beginning of the assignment. These can usually be quantified according to:

  • Internal costs for the audit
  • Potential or actual disruption of operational activity by the audit and the resulting costs
  • Impact of possible negative results on the business operations, financial situation and the company?s continued survival as a going concern.

When the major audits have been identified the auditors? requirements can be determined. Critical points for the audit can be compared to the current state of the organization and recommendations for improvement will be made. Smaller measures can be carried out in the course of audit preparation but larger tasks should be performed as part of a project.

Your Requirements

If no urgently-required corrections are identified, you can be assured that the review will not bring any major ?surprises?. You can also approach the audit with confidence that you already know where the organization stands.
If an action is identified, you will have enough time to either complete the corrective measures before the audit or to demonstrate at least that implementation of remedial measures is in progress, thereby reducing the severity of the findings.

Fact Sheet

Download the most important facts about our Audit Preparation Assistance Services here.