Making Audit Easier
By Edmund Cartwright, Auditor, Johnsons Chartered Accountants
In part six of our blog series on Assurance and Audit, we consider ways in which we help CFOs with the burden of their audit. Many CFOs shoulder this extra work, because it is a large, ad hoc piece of work that is rarely allowed for when staffing levels are being planned. Over time, Finance teams may come to see audit as testing for testing’s sake. This loses sight of the reasons for carrying out an Audit, and can turn the process into a box-ticking exercise.
We are experienced, seasoned Audit professionals, and over the years we have come up with increasingly considered and streamlined methods for getting the information we need, without creating too much extra work for the Finance team.
Here we set out the Johnson’s plan for making Audit as painless as possible:
- We carry out an initial consultation to see if there is an unusual reason for the Audit , such as a potential buyout, merger, or future listing. This may influence the tests we conduct, and point to specific areas that should be sampled to provide a complete picture of the business.
- We’ll send your finance team a list of information at the beginning of the process, to help them get organised in advance.
- We’ll try and reduce our contact to as little as two long emails and two meetings (unless errors crop up and more investigation is required).
- If possible, we arrange remote access to the client’s bookkeeping software. This means we can bypass the Finance team and access the original documents ourselves on a ‘read only basis’, so we can do all the legwork.
We receive excellent feedback on the way we deal with Audits.
- Our audit team is strong on consistency.
- Our clients appreciate our straightforward and organised approach.
- We don’t allow new graduates or school leavers on audits (unlike the Top 4 accountancy firms)
- Our charges are fair and clearly presented.
- Our team of over 10 Audit experts means that we are flexible, and can accommodate a wide range of audits.
Contact us for a simpler audit methodology.
<<Previous article in the series from an audit firm London.