Prepping Your Organization For An Audit

Hearing the term “audit” can really cause a heart attack for some executives. The reputation of auditing has been smeared for such a long time that is become tantamount to negative connotation like discrepancies, gaps and inconsistencies.

 

But executives should view auditing as welcome step towards the advancement of the organization. Without it, it would be hard to spot those gaps that is slowing down the development of the organization. If a governing agency require you to undergo auditing, do not panic. Instead, make some preparations before your meeting with audit services in Dubai.

 

Calm everybody down

The first thing that you need to do is cool your heads and get everybody to calm down. As mentioned, auditing can strike fear to hearts of the people that will be working on it.  Set a meeting with the board to tell the news and the reason why you need to go to auditing. This would be the time for you to discuss your plans and do you want the auditing to go. Would you be hiring an individual person or subscribe to auditing companies in Dubai to do the auditing? What would be your timeline for this activity? Decide on the best course and get the agreement of everyone involve.

 

Get the finance team and others involved organized

Once the board meeting is done, you need to meet with the accounting and finance team and other departments that will be involved on the upcoming audit. Like what you did with the board meeting, tell them the objective of the auditing. But as an additional agenda, you need to brief the department heads on what to do. It would be best if you can assign a point person to get an update with. You also need to outline their task and what would they exactly during the auditing.

Get the papers ready

Auditing firms would probably require a number of documents from your organization, depending on what kind of auditing will be done. Do some research or asked your prospective auditing firm for the list of requirements. It would be best if you can prepare them ahead of time so there will be no delays on the timeline. Someone to process the necessary documents you might be needing. The basic documents would be the Articles of Incorporation, financial statements, accounting books and ledgers, and contracts.

 

Be prepared for the result

Having the result may be regarded as heart-stopping moment for the executives. But to manage your expectations and not get too worried, you can ask your finance team on the financial status. From there, you would probably have an idea on the result. But be optimistic and open-minded at the same time. Auditors might be able to spot something that your finance team were not able to see.