Knowing what information is required and where to find it, especially if it hasn’t been fully documented, could help reduce preparation time ahead of an audit given the breadth of information required.
For a seamless audit process, companies generally require records related to:
Accounting for contingencies
Accounting lease agreements
Accounts payable
Cash accounts
Fixed assets
Inventory
IT control processes
Liabilities and obligations
Monthly or year-end processes and controls
Revenue recognition process
