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.

 

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.

 

As 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.