We’re concluding our three-part series on single audits. Step one was determining that you do indeed need a single audit. Step two was figuring out how to evaluate a firm of choice. And now, we’re illustrating the three steps you should take to prepare for your organization’s single audit.
1) Set up a kickoff meeting with your audit team.
We typically schedule a meeting prior to conducting any field work in order to discuss expectations, roles and responsibilities, work environment, etc. Go ahead and request a kickoff meeting if your auditors haven’t scheduled one. That way, you can ensure that you’re on the same page before any work gets started.
2) Provide requested documents and information in a timely fashion.
At the beginning of an audit, you’ll receive a list of requested documents and/or information. If your documents are well organized and provided to your audit team quickly, the audit will go much faster. Auditors attempt to adhere to timelines as much as possible, but we need time to test all of the information you give us.
3) Expect the audit to be a collaborative process with multiple touchpoints.
After the kickoff meeting, we sometimes need to gather additional information from our clients. Don’t be surprised if you’re asked questions throughout the process—especially during field work. Some questions and requests for additional information may seem repetitive or obvious, but they’re a required component of the thorough testing that that goes into a standard audit.
Following these steps in the planning phase should help you prepare for your organization’s single audit. Have questions, or still need to select a firm to conduct your audit? We’re experienced in the government agency and not-for-profit space. Contact us today to discuss a possible partnership.