Guidelines for Companies to Prepare for Company Audits Released by

Share Article

The guideline published by an experienced London audit supervisor introduces measures that companies can take to get better value from audit fees by ensuring that audits are conducted in a controlled and orderly manner without nasty surprises.

Many companies have a negative experience of their annual audit, but audit procedures can be an invaluable source of information for management to aid the maximization of business performance.

Audit professionals are highly skilled business analysts who disaggregate large amounts of information quickly by using analytical tools learned in grueling training. By repeating the exercises on many companies, auditors quickly learn the art of finding inconsistent trends relating to income, expenditure, assets and liabilities.

The analyses lead questions about business operations that management can experience as an uninvited intrusion. Additionally, there is always the risk of management secrets unintentionally being transferred to competitors, putting managers on their guard.

Unfortunately, this attitude of management can be perceived by auditors as increasing the audit risk of finding misstatements in company accounts, leading to deeper investigation than may be necessary for which the entity involved will bear the cost.

The publication by will assist companies to prepare analyses internally using just some of the tools available to auditors. Companies can predict questions and prepare answers before auditors arrive. Indeed, companies can do much of the work prepared by auditors (for a hefty fee) to aid the audit process, leaving the auditors with nothing more to do than take away evidence that verifies the analyses provided.

The nature of the audit process is unpredictable, therefore surprises may still arise. It does however provide a huge benefit to companies to prepare analysis properly in two ways, one of which is to highlight unpredictable trends that could lead to important strategic and financial decisions, the other being the obvious advantage of perfecting the art of a hassle free audit.

The guideline is available free of charge at It provides detailed guidance on information to prepare for the arrival of auditors and some analytical tools that managers of companies can use to analyze financial statements. A question and answer service is also available for curious readers.

# # #

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Nicole Fowler
Visit website