By Brian E. Ravencraft
Timely audits are important for organizations. Timely financial statements can help an organization plan for the coming year. Timely financial statements will also allow organizations to make smarter budget and financial decisions. Second, timely internal control reports and management letter comments can help organizations correct issues before they create bigger problems. Auditors often have very helpful recommendations on how to correct various issues and save the organization time, money, and resources in the process.
How does an organization receive a timely audit report?
First, it is important to have everything reconciled and ready for the auditor as soon as possible after year end. Auditors, like many others, schedule out their work or audits a few months out at a time. If you are not ready when you are scheduled to be, this can cause scheduling problems and make it hard for the auditor to complete your audit.… Continue reading