Audit Readiness: Tips for a Prepared Approach

by | Feb 19, 2024 | Insight-Post, PKF Texas - The Entrepreneur's Playbook®

In this episode, Jen Lemanski and Kimberly Henry, CPA, CEPA, Audit Senior Manager delve into the proactive steps clients can take to enhance their audit readiness. From addressing items in the audit request list to staying ahead with task assignments, explore how being responsive and well-prepared is fundamental to a smoother audit experience.

Jen: This is the PKF Texas Entrepreneur’s Playbook, I’m Jen Lemanski, and I’m back once again with Kimberly Henry, one of our Approachable Advisors® in our audit practice. Kimberly, welcome back to the Playbook.

Kimberly: Thanks for having me.

Jen: So, last time you were here, we talked a little bit about what clients could do to get prepared for their audit. And I know you mentioned you had some more tips. So, what else can you share?

Kimberly: Yeah, so we talked about communicating timelines and getting your trial balance ready. So, some other things that they could do is communicate with their team, right? So, communicate that those timelines agreed upon with their team so that their team can get their assigned task ready for us to have it done on time. And then another thing that they could do is if we haven’t already sent, they could request our request list so that they can get an idea of the things that we will be asking for. That way they can collect these items in order to get more prepared for the audit. A successful audit requires being responsive and being prepared.

Jen: So, what types of things are on that request list?

Kimberly: Yeah, so we request the trial balance, all the supporting reconciliations that we talked about previously, and then some administrative items here and there. And then of course, more requests will come as the audit continues.

Jen: Perfect. Well, we’ll get you back to talk about some more audit topics. Sound good?

Kimberly: Sounds good.

Jen: This has been another Thought Leader production, brought to you by PKF – Texas the Entrepreneur’s Playbook. For more information about this and other topics, visit Tune in next week for another chapter.

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