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Thread from LinkedIn CFO group
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This is a love hate sort of thing for me. I try to be very thorough in providing them with everything they will need when I send over the year end file because I don't want them to have to come back and need anything or have questions. Of course they always have a few, which I don't mind. I think what I hate about it is if they point out something we should have done differently or something we just missed. I only hate it because I feel like it points out inabilities and I am a perfectionist with my work so it kinda hurts the pride a bit when someone finds something wrong.
I have to say I love when someone finds a more efficient way to do things. The more we can streamline while still maintaining a solid check and balance is a win win.
I wish this was an excercise with a purpose. Similar to Christie, I try to have everything prepared and to them in advance/on day one of the audit. I take pride in being prepared with no loose items. Year after year, I find myself explaining the unique parts of our business to support how we do things. I have joked that I am going to produce a YouTube video for new
In the end, the audit reports (
That's the problem with so many audit firms: You're
You can ensure that this doesn't happen to you in your selection of auditors, but it takes some finesse.
I have a fairly relaxed approach to auditors as they are not taking a deep look into our books anyway. Therefore we can easily manage the process with minimal loss of time. To me it as a rubber stamp in most cases although they do point out some valid issues from time to time.
There is a stigma that seems to be attached to the auditing
Unless fraud is buried under the covers, IMHO, financial audits should be viewed in a positive light. They assure lenders and investors the records are reasonably true and correct and lenders and investors may be able to lend and invest even more, for continued growth. I understand the efforts to prepare, guide, and respond to the questions can be frustrating, but, hey... That's part of the job!
The financial audit, like paying taxes, is a "necessary evil" that any public company needs to accept. Financial audits, however, are generally quick and painless, assuming the