Preparing for an External Audit

An external audit can be a busy and stressful time, but it’s a necessary part of being a financial institution. The good news is that with a little preparation and planning your next audit can go smoothly. This article contains a few general guidelines to help you work with auditors to make the process much more seamless.

Set Up Your Committee

The first step in gearing up for an external audit is to assemble your audit committee. The group should include all the decision makers in your organization. The purpose of the committee is to think ahead and be prepared for what will come when the actual audit takes place. Although all facets of your organization should be represented here, your accounting and financial executives should naturally take the lead and serve as a liaison to the external auditors.

Time for Some Internal Auditing

Next your committee will want to do some auditing of its own. This will ensure there are no surprises during the external audit. Go ahead and look at your files from an outsider’s viewpoint. Is there anything that raises a red flag? If so, be prepared to explain them. You’ll probably want to get supporting information for large transactions as well. The specifics on what you’ll need will vary from organization to organization, so speak to your auditor prior to their arrival. Whatever information and files you need, have them digitally accessible for the auditor’s convenience. When gathering your records, make a list assigning a specific team member to each item, along with a spot for a due date and a completion date.

For additional specifics on prepping for external auditors, click on the link below.

http://ithandbook.ffiec.gov/media/22014/occ-hb-internal_external_audits-appx.pdf

Audit Export Software Can Help

Of course, getting a committee together and deciding what records you need to obtain before the audit takes place is only half the battle. Now you have to arrange all the information in an orderly manner. AccuAccount’s auditor export feature can help with this phase. Here’s how:

  • Point & click access – All pertinent audit information, including document images, are available at your fingertips within AccuAccount. Simply point, click, and export.
  • Save all files to a disc – With the audit export feature in AccuAccount, you can quickly save all needed file information onto a single (or multiple) disc. When the auditor arrives, hand him or her the disc instead of mountains of paperwork.
  • Prepare for the audit in 5 minutes, not 5 days – Depending on the audit, AccuAccount can save you days of prep time.

To request a free demo of AccuAccount’s audit export feature, please fill out this form.

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