Why Audit? Importance of Audit
Are you Audit Ready? Importance of Audit
Importance of Audit:An organization is audit ready when it can state with confidence that it is ready for an independent evaluation of its financial statements. Audit readiness is the process of preparing the company to undergo an audit with confidence. Company is responsible for the accuracy of the financial statements and important transparency of business processes. Staying audit-ready is critical for compliance.
What does it mean to be “audit ready?”
- To always be prepared to demonstrate
- Proper documentation is maintained and processes are in place
- Adhering to appropriate accounting standards and policy
- To have business processes that are sustainable, traceable, and repeatable
What Do We Do?
KGRN understands what the BIG FOUR auditors require, why they request specific information, and the importance of timely and accurate responses to requests. This knowledge can help you reduce your organization’s audit burden and avoid frustration when attempting to “translate” how an auditor’s request applies to your organisation.
KGRN is here to assist our clients in preparing for and navigating through their audits, as well as remediating impediments to audit success. Our consultants have strong audit backgrounds and can apply this understanding of the audit process to assist our clients in achieving a positive, sustainable audit outcome. Our audit readiness services cover the entire audit life cycle, including, but not limited to: auditability assessments, audit liaison support, and audit remediation support.
We interface and support your existing accounting staff and work through all phases of the audit process with your organization to ensure a positive outcome for all.
KGRN audit readiness and support services include:
- Policy and procedure documentation
- Work paper and schedule preparation
- New acquisition audit planning
- Fluctuation analysis
- Balance sheet, including intercompany, account reconciliations
- Internal control remediation Technical accounting assistance
- Financial reporting preparation
- Training
- Fixing Compliance Gaps
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