Three things you can do to avoid the most common audit pitfalls | Huddle

Clear lines of communication and transparency. It’s not rocket science, but it is one of the most effective ways of beating the misunderstandings that can so often cause confusion and delays in the audit process.

Faced with the professional skepticism of the auditor, it’s all too easy for your management team to view the annual audit with suspicion. And that only makes your job harder.  It’s why auditing and accounting regulators want management to work more closely with auditors and support them better.

The message is simple; to achieve efficiency in the audit process you need to build trust through clear lines of communication, transparency and proactivity across the management team.

Here are the Top Three things you can do to avoid common audit pitfalls, expedite the process and build a trusted relationship with your auditor. 

  • Ensure clear communication between the auditor and the management team.

    • Keeping track of conversations and auditor requests through email can be tricky, especially when there are multiple threads and CC’d stakeholders to monitor. If you work in Huddle all conversations, file requests, and file activity are time-stamped, so it’s easy to monitor. Huddle even makes it simple to manage, and track document approvals – so no more lost approvals and missed deadlines!

  • Provide quick responses to auditor questions and avoid delays in delivering requested documentation.

    • Collecting the required documents might mean dozens, if not hundreds, of requests to multiple stakeholders across your business. Managing this task through email is fraught with inefficiencies. Just keeping track of requests and collating received files can amount to many hours of administrative effort. Using Huddle’s File Request feature, you have a single interface to make bulk file requests and monitor their progress. Huddle will even send timely reminders to make sure you hit your deadlines. In action, we’ve seen audit team become up to 80% more productive when using File Request.

  • Be thorough in your audit engagement. If you are thorough in your audit responsibilities, it demonstrates the rigorous controls you, and the management team like to work to.

    • Huddle is all about security, transparency, and efficiency. Managing your auditor through Huddle shows that you take all three seriously. Exchanging sensitive files through the industry’s most secure document collaboration solution demonstrates that you’ll never compromise the integrity of your data. Also, every document stored in huddle has its own comment thread, so everyone in the engagement can keep track of the latest feedback and changes. 

 

Did you know that Huddle works with seven of the Top Ten Global Accounting Networks - so chances are, your audit partner is already a Huddle user! 

 

 

If you're ready to take the next step to a better, more efficient, audit, request a demo with one of our industry experts!

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Tim Deluca-Smith

Vice President, Marketing

 
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