How to Prepare for an Audit

Your organization’s yearly audit is a true team effort. While your auditors work hard to review and test your financial information, you work hard to keep up with their requests. Spending time up front to prepare for your auditors’ visit can help speed up and simplify the auditing process.

Choosing an Auditor – Factor 6: Fees

Auditors quote prices in many different ways. Knowing the advantages and disadvantages of the most common fee structures can help your organization save time and make a better decision according to your preferences.

Choosing an Auditor – Factor 5: Location

Whether you hire a local auditing firm or one that handles all your documents remotely, understanding the benefits and drawbacks to both will help you figure out which type you prefer.

Choosing an Auditor – Factor 4: Ethics

Not every auditor is the same. Each accounting firm has its own values, culture, and reputation that you should consider in addition to their quote. One of the most important things to check is whether your auditor has violated any ethical standards during their time as an accountant.

Choosing an Auditor – Factor 3: Reputation

Your organization needs a trustworthy, reputable auditor to tell your financial story. Find out how good your CPA firm’s reputation is by checking the score on their most recent peer review report.