How to Prepare for your Annual Audit
Audits are a good thing. Your annual audit is a critical tool to ensure that your financial procedures are in order and your financial systems are strong. There is a lot you can do to prepare for your audit, to ensure it goes smoothly and quickly. This will save you money and establish a healthy relationship with your auditor, who can become a valuable ally to help develop strong financial controls and reporting, which can improve the confidence of your board and your funders moving forward.
- Understand which organizations need to have their books audited
- Know what statements you need to prepare
- Know what documentation to prepare, and how to prepare it to ensure a smooth audit
- Internal controls you can use to improve your organization’s financial practices