Audit Preparation

Annual Audit / Review

The end of the year is fast approaching and you and your team are implementing the processes and procedures for closing your accounting books and setting up a time with your outside auditors for a review or audit. Your team dreads the “request” list that will arrive – lists of contracts, leases, employment agreements, important terms and conditions, etc. that are often distributed across multiple offices, storage rooms, and computers. Having to read through all of the documents again to find specific terms and conditions that are important for the audit. Photocopying, scanning, emailing, sending via courier to the audit team, often multiple times.

What if there was a better way…

  • All of your key documents records were already stored in a secure centralized location
  • Key data from the documents was digitized so you can search, create tables, and quickly assess
  • All stakeholders had to do was email the document once and it gets captured by the system
  • Robust permissions so you can invite employees, auditors, other professionals and control what they can access
  • Alerts sent to you for key dates and milestones

Traditionally, audit management is performed through a combination of spreadsheets and other manual processes. The manual steps required for these systems add to an already limited audit time period. Manual steps can mean a number of time-consuming tasks including planning, pulling together the appropriate scope item documentation, notifying (and re-notifying!) people of their individual actions, and extracting analysis for supporting documentation. This may work when a business is small, but becomes impossible to scale as the business grows.

Another challenge is that annual audits are scheduled but there may be audits that arise on an ad-hoc basis (tax authorities, regulatory authorities, finance covenants). Managing the resources to make sure everything gets done can be a major stumbling block, particularly when it requires input and commitment from other people – coordinating others’ time management and ensuring they are properly trained to comply with an audit is difficult. This becomes even more complex with information held across disparate systems.

There is a better way…

Utilize DealSafe, a robust document management system that Centralizes, Organizes, Digitizes, and Alerts all of your key records and documents. It is a secure cloud based platform available 24/7 from anywhere – no software to download or implement.

Get in Touch!

0) { echo '
TAGS: '.$tag_list.'
'; } ?>