Are you audit-ready?

For any audit, planning and preparation are vital. A lack of audit readiness could lead to delays in completion and result in the identification of significant deficiencies and material weaknesses. Beyond additional fees and a longer timeline, such an audit could reduce the confidence levels of investors, lenders, regulators, and other key stakeholders. The preparation process can also be challenging, given that early-stage companies might have small accounting and reporting teams. Managing audit readiness work in addition to daily operations may be overwhelming. Proper planning and access to people with the requisite technical accounting and audit preparation experience can go a long way in helping companies get through an efficient audit with reduced impact on existing staff.