As audits are wrapping up, most of us are getting excited about working shorter hours, warmer weather and upcoming vacations. Before we get completely out of “audit mode,” it’s a good time to look back over all the correspondence with your auditors and internal team to figure out the following:
– What did we provide for the auditors?
– Were there any extra items that the auditors requested that were not on the original PBC list?
– What took the longest for us to prepare?
– Were we able to keep track of all the items that went to the audit team?
Using the PBC list that the audit team provided as a foundation for an internal PBC Audit List is an easy way to take all the extra requests and make a more complete list to start from next year. Next year, when it comes time to prepare all the documents for the auditors, using your more complete PBC List, you can count on less time running around preparing schedules and more time focusing on the daily operating activities that too often get neglected during an audit.
Additionally, if there were any struggles with compiling a particular audit work paper, there is a whole year between now and the next audit to work on altering and improving the document to streamline internal and external reporting of the information while still accurately reflecting the information.
Identifying the problems from the current year to improve for next year and maintaining a more complete audit list can help you breeze through next year’s audit, and maybe springtime will come a little earlier next year.