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      Prepare information for auditors

      Overview:  

      • Learn how to prepare information for auditors 

      Why prepare information for auditors? 

      Preparing information for auditors is important for the level of compliance where auditors can ensure that financials statements comply with accounting standards and regulations. Auditors play a vital role in providing assurance to stakeholders that the financial information presented is accurate and reliable. 

      Note: You can invite an auditor into Wiise by assigning them an external accountant license. The license has the same user rights as your standard license except access to user setup and admin tasks. What these users can do in your system depends on you. 

      How to prepare information for auditors? 

      Preparing information for financial auditors at the end of the financial year involves several steps to ensure a smooth and efficient audit process. Here's a general outline of what you need to prepare:  

      1. Financial Statements: Prepare the balance sheet, income statement, and cash flow statement for the auditors. Ensure these reports are accurate and reflect the financial position of the business. 
      2. Reconcile Accounts:  
        1. Make sure cash balances reconcile to your bank statements.  
        2. Loan balances must agree with loan statements.  
        3. Reconcile accounts receivable, accounts payable, and other relevant accounts to ensure that they match the balances in your financial statements. 
      3. Review Accounting Policies: Review your accounting policies and ensure they comply with accounting standards and regulations. Document any changes in accounting policies and the rationale behind them. 
      4. Internal Controls: Review your internal controls and make any necessary improvements to strengthen them. Internal controls help prevent fraud and errors in financial reporting. 
      5. Audit Trail: Prepare an audit trail that tracks changes to financial data in Wiise, including who made the changes, when they were made, and why they were made. You can enable the audit trail feature in Wiise. 
      6. Address any Issues: If there are any issues or discrepancies in the data, address them before the audit to ensure that the information provided to the auditors is accurate. 
      7. Provide Access to Wiise: Ensure that auditors have access to Wiise and any relevant systems or files they may need to review. 

        Note: You may need to gather supporting documentation for fixed assets register, inventory records, tax records, transactions, such as invoices, receipts, contracts, and bank statements, to provide evidence of the transactions recorded in your financial statements.  

      8. Communicate with Auditors: Keep open communication with your auditors and provide them with any information or documentation they request in a timely manner. 
      9. Address Audit Findings: After the audit, review the auditor's findings and address any issues or recommendations they may have. 

      Note: By following these steps, you can prepare information for financial auditors on financial software at the end of the financial year effectively and help ensure a successful audit process. 

       

      What’s next? 

      Learn how to run financial reports in wiise 

       

      Need more help?   

      No problem, that's what we're here for. Reach out to support@wiise.com anytime you can't find what you're looking for.