You Completed Your Financial Audit. Now What?

Organizations are required to undergo annual financial audits to ensure financial statements are accurate. A successful audit reassures business leaders and gives them the confidence to move forward with business decisions.
Preparing for a financial audit can be overwhelming, as statements and documents must be ready for the auditing team. The finance department should also prepare by reviewing records and double-checking that the information is in place and organized.
The finance department at your organization just went through an intense and stressful process of answering the auditors’ questions while supplying audit work papers and reports. Now what? Before taking a deep breath and returning to the daily routine, it’s time to debrief with the team.
A debrief meeting that includes all who took part in the financial audit is essential. Preparing for the next audit starts right away. Here are some key topics to discuss in your meeting.
  • Maintain Generally Accepted Accounting Principles (GAAP) & Sarbanes-Oxley (SOX). 
    • When you have a successful audit, it is important to keep up with those practices and maintain the controls to continue to succeed in future audits.
  • What went wrong?
    • Use this meeting to discuss what went wrong during the audit and what steps are necessary to correct and avoid it in the next review.
  • Stay proactive.
    • Review and determine what can be worked on monthly to ease preparation for the next audit. This will keep the team proactively working towards smooth and successful audits.
  • Regular communication.
    • Staying engaged with auditors helps the team stay on top of the process. Open communication is always a benefit to your team and to the auditors.
  • Inform your auditors.
    • View the auditors as a resource and involve them in major transactions to help keep them informed. When the auditors are engaged early on, it helps avoid pitfalls and complicated issues before the next audit.
All types of audits elicit nervousness regarding what the results could yield. Following the tips above will keep your team organized, prepared and confident before going into your next review.
Michigan Manufacturing Technology Center (The Center) offers various services to help Michigan manufacturers compete and prosper. Contact us today to see how our experts can help propel your company into the future.
MEET OUR EXPERT: Melissa Manasa, Accountant
MANASA_M_WEB.jpgAs a member of The Center’s accounting team, Melissa supports several areas including financial reporting, accounts receivable, auditing, grants and tax forms, and ensures clients receive the highest standards of service. Melissa has extensive experience in office administration, customer service and accounting.
Since 1991, the Michigan Manufacturing Technology Center has assisted Michigan’s small and medium-sized businesses to successfully compete and grow. Through personalized services designed to meet the needs of clients, we develop more effective business leaders, drive product and process innovation, promote company-wide operational excellence and foster creative strategies for business growth and greater profitability. Find us at


Categories: Finance