Preparing for an Audit. Preparing for an Audit.

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Presentation transcript:

Preparing for an Audit

Warning. Take proper precautions. (said in quiet voice with hair on fire:) Psst, the auditor’s here, everybody hide.

It’s not THAT bad We’ve probably all heard (or made) auditor jokes, (see previous slide) but… Your auditor should be viewed as a resource, not an adversary The annual audit can provide valuable information for improving company processes

Advance Preparation Plan ahead Learn from the past Assess changes in company activities Organize data Be familiar with PCS data and reports Perform a self review

What do you want? What information will the auditor ask for? Can any of this be provided ahead of time? What can be harvested from the Insight database vs. external data such as source documents, spreadsheets, etc.

Help from PCS When is the audit scheduled to take place? Same or different audit firm from prior years Do they provide questions ahead of time? If not, can they? Calls to PCS the day the auditor is there often presents a big challenge. We may have to do research. And working on can’t-drop projects.

Some commonly used reports GL financial statements GL detail reports Subsidiary reports AP vendor balance by period AR Period Balances report

Sources https://www.aicpa.org/interestareas/notforprofit/resources/governancemanagement/ten-steps-to-a-smooth-audit.html https://www.grfcpa.com/resources/publications/how-to-prepare-for-an-annual-audit-1/ Dr. Google Dot Com

Mission Statement Our mission is to assist utilities to be successful by providing high quality solutions.

Confidentiality Statement Professional Computer Systems, Co. (PCS) holds this presentation to be proprietary and requires all readers hold the information it contains in strict confidence. The material is provided to assist in evaluating PCS’s application as it pertains to meeting your business requirements. No copies or other distribution is permitted without prior written approval from PCS.

Professional Computer Systems, Co. 3710 Timberline Drive Denison, IA 51442 (712) 263-3106 (712) 263-8145 Fax 888-843-3106 www.pcsco.com