1. Auditor Liaison
Businesses must designate a point of contact to facilitate communication between the company and external auditors.
- Purpose: Ensures smooth coordination and timely responses to auditor inquiries.
- Responsibilities: Includes scheduling meetings, addressing auditor requests, and managing audit logistics.
- Compliance Assurance: Helps businesses maintain transparency and meet audit requirements.
2. Document Management
Companies must collect, compile, and submit all necessary documents requested by auditors.
- Required Documents: Includes financial statements, tax filings, contracts, and transaction records.
- Organized Filing: Proper documentation ensures efficient audit processes and prevents delays.
- Regulatory Compliance: Businesses must maintain audit-ready records to meet legal standards.
3. Timeline Management
Businesses must ensure timely submission and follow-ups for smooth audit progress.
- Audit Scheduling: Companies must coordinate audit timelines with external auditors.
- Deadline Tracking: Businesses must monitor key dates to avoid delays and penalties.
- Follow-Up Procedures: Ensures outstanding audit queries are addressed promptly.