Preparing your company for its first audit
A first audit doesn't have to take six months. The checklist we give every client facing one.
Eleanor Calloway
·
7 min read
A first audit usually arrives with a lender, an investor or a buyer. It feels daunting, but most of the work is preparation you can start months ahead.
Start with revenue
Auditors spend the most time on revenue. Make sure contracts, invoices and the way you recognize revenue all tell the same story.
Document the controls you already have
Who approves bills? Who can change bank details? Write it down. Auditors care that controls exist and are followed.
Build the schedules early
Fixed assets, accruals, prepaid expenses and debt schedules should tie to the balance sheet before fieldwork begins.
Written by
Eleanor Calloway
Founding Partner
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