Finance Director & Accountant Cambridge

Audit readiness relates to a company’s state of preparedness for its year-end financial audit. The year-end audit is an expensive process if your company is not prepared adequately. Why is this? Well auditors are not cheap! Even trainees are charged out to clients at several hundred pounds a day. Partners often charge over £1,000 a day for their services. If the audit process is delayed owing to a lack of information, or a poor state of readiness, expect to receive a chunky and possibly horrific bill in addition to any fee agreed in advance.

As leaders of the finance department we have been through the audit process many times. We know what’s involved, how to avoid costly surprises, and how to ensure a smooth and timely audit. If your company needs an audit owing to its size, its investors, or banking covenants, then please contact us. We are confident that using our services will be money well spent. We will help you:

• Document existing controls and ensure that they are implemented as documented.
• Review prior year recommendations made by the audit firm to ensure any significant weaknesses have been addressed.
• Meet with your auditor to discuss any significant issues and coordinate to ensure all required information is available (or we will prepare it for you) for the auditors.
• Notify your auditor if the company is not in compliance with credit agreement covenants.
• Request from your auditor a list of items you will need to have available to perform the audit. Then, have all requested documents available when the auditor arrives for fieldwork.
• Reconcile and document support for all balance sheet accounts prior to the start of the audit.
• Take responsibility for drafting the financial statements, including required disclosures.

If your company is unable to perform the steps above or you feel you need help in achieving them, then please contact us to assist in preparing for a year-end audit.

Ultimately management is responsible for the integrity of the financial statements. We will help you achieve this.