Let’s face it, audits are probably not the highlight of your business’ year. They can be time-consuming and complicated, but they are an important insight into how your business is running.
While not every accountant clearly explains the process, the team at Dunkley’s are here to provide a clear and confident explanation of how long it will take for your business to be audited.
What will happen during the audit
Let’s start with the basics.
An audit is essentially an examination of your financial reports by an independent body. It’s something that professional accountants can offer to do for you, including us.
Before we do anything else, we start by sitting down with you to discuss your business and make sure that the audit we carry out is tailored specifically to you.
Then, we check over everything from your balance sheet to your income statements. This will give you an idea of how your business is getting along and any areas you may be able to fine-tune.
We will work with you to see if your books and records are coherent and ensure you are following best practices.
Preparation
As with most things in life, preparation is of the utmost importance. There is no set time limit on how long an audit should take, but there are ways you can help speed up the process.
You will need to make sure that you’ve done your planning thoroughly. Even if you haven’t had any financial issues, then the planning can still take a few weeks.
Having all of your documents in order will mean that there is less running about to do. Gathering your financial evidence and making sure it is all accurate is essential, as we will also look at any prior audits your business may have had previously. These statements will be verified with Companies House and HMRC rules to ensure everything is up to scratch.
It might sound daunting, but we’re here to help.
The auditing process
Once you have your planning under control, there are a few more steps before everything is settled.
First, we will run an open meeting with your management and administration to go over the purposes and objectives of the audit itself. This is our chance to make any adjustments to the audit, based on the information given.
Next, we will carry out the fieldwork. This will involve interviews with the relevant departments as well as any necessary testing. Don’t let that part scare you – remember, we are here to work for you.
Once that’s all done, we start working on a draft report, outlining the objectives, findings and any recommendations we may have. We’ll share this with your management, an opportunity for any responses and your plans for action.
The final step before we share your completed audit is a closing meeting. This will be a chance for us to review and discuss any of your responses, and to be on hand to answer any questions you may have.
Your company’s audit
The audit itself will ultimately take as long as it needs to – but no longer. At Dunkley’s, we don’t like to rush as it wouldn’t be of any help to you in the long run.
We want to make sure that we do everything we can to help your business improve and grow to its full potential. An audit is a great way to set you on the right track.
To find out more about auditing your business, please get in touch.