What to do after an audit?

Audits can be a stressful experience, but knowing what to do after an audit can help make the process easier. After an audit, you should take steps to correct any problems that were found, and you may also need to take additional steps to ensure that you are in compliance with audit findings.



1. Gather all of your documentation.

2. Review the findings of the audit.

3. Create a plan of action.

4. Take action on the plan.

5. Follow up with the auditor.

6. Keep track of your progress.

Gather all of your documentation: 

After an audit, you should gather all of your documentation to submit to the auditor. This documentation should include any records that support your financial statements, as well as any records that were used to support your compliance with audit findings. You should also gather any other records that the auditor may request.

Review the findings of the audit:

The auditor will provide you with a report of their findings. You will need to review this report and take action on the recommendations made. You may need to hire a consultant to help you with this. 

Create a plan of action:

Once you have reviewed the findings of the audit and created a plan of action, you will need to take action on the plan. This may include hiring consultants or making changes to your business practices. 

Take action on the plan: 

Once you have created a plan of action, you will need to take action on the plan. This means implementing the changes recommended by the auditor. 

Follow up with the auditor: 

The auditor will want to follow up with you to ensure that you are taking action on the recommendations made. They will also want to ensure that the changes are having the desired effect. 

Keep track of your progress: 

It is important to keep track of your progress as you implement the changes recommended by the auditor. This will help you to ensure that you are making progress and that the changes are having the desired effect. 

Conclusion

Audits can be overwhelming and daunting, but following these steps can help make the process a little easier. By gathering all of your documentation, reviewing the findings of the audit, creating a plan of action, and taking action on the plan, you can make the most of the audit process. If you have any questions or need help implementing the changes recommended by the auditor, be sure to consult a professional.

Contact us today, at Cartier CPA's our goal is to provide clients with the highest level of respect and quality of service.