02 April 2025

Services:

Auditing

For many business owners, the word "audit" sparks a sense of dread - but it doesn’t have to. With the right preparation, an audit can be a smooth, insightful process that provides reassurance, not stress. Whether it’s your first or fifth audit, the key is preparation, clarity, and having the right support in place. 

At Haines Watts, we’ve helped countless businesses turn audits from a source of anxiety into an opportunity for improvement. Here’s how you can do the same. 

 

1. Start With Solid Foundations 

Good audit outcomes begin with good financial habits. Ensure your records are complete, up-to-date, and well-organised. This includes: 

  • Bank statements

  • Invoices and receipts 

  • Payroll records 

  • VAT and tax filings 

  • Fixed asset registers

Having these readily available reduces back-and-forth with your auditor and speeds up the process. 

 

 

2. Know What’s Coming 

Understanding the scope of the audit is half the battle. Is it a statutory audit? A grant audit? Perhaps part of due diligence for investment? Each type has different requirements. Ask your auditor early on: 

  • What documents will be needed? 

  • Which areas will be reviewed in depth? 

  • What is the timeline? 

  • The more you know, the fewer surprises there’ll be. 

Read our blog to learn more about our audit process.

 

3. Do a Pre-Audit Review

Think of this as a dress rehearsal. Your internal finance team or advisor should do a mock audit ahead of time to flag potential issues, such as: 

  • Unusual transactions 

  • Missing documentation 

  • Errors in reconciliations 

  • Revenue recognition concerns 

Addressing these early puts you in control and builds trust with your auditor. 

 

4. Keep Communication Clear 

Auditors aren't trying to trip you up - they’re there to provide assurance to stakeholders that your financial statements are fair and accurate. Open, honest communication goes a long way. If there are areas you’re unsure about, raise them early. A proactive approach always reflects well. 

 

5. Support Your Team 

An audit can be demanding on internal staff, especially finance teams who are juggling day-to-day tasks alongside audit queries. Make sure they have: 

  • Clear deadlines 

  • Access to external support (e.g., your accountant or advisor) 

  • Time blocked out for audit tasks 

  • Consider outsourcing part of the prep if capacity is tight — it can save time and reduce stress. 

 

6. Leverage Technology 

If you’re still using paper-based systems or spreadsheets, now is the time to modernise. Cloud-based accounting software not only keeps your records tidy and accessible but also makes audit evidence collection easier and faster. Integration with your bank and other systems adds an extra layer of accuracy and convenience. 

Read our blog highlighting the pros and cons of the most popular cloud accounting platforms.

 

7. Don’t Leave It All to Year-End 

Many audit issues stem from rushing at the last minute. Build audit-readiness into your monthly and quarterly routines. Regular reconciliations, internal reviews, and documentation mean you’re never far from being ready. 

 

Take the stress out of your next audit

Audits aren’t just about compliance - they can shine a light on risks, reveal inefficiencies, and open up opportunities for improvement. When you're well-prepared, they become far less daunting and far more valuable. 

At Haines Watts, we help businesses across the country navigate their audits with confidence. If you're looking for support to take the stress out of your next audit - whether it's getting your books in order or managing the process from start to finish then we’re here to help. 

Get in touch today to speak with our audit team and start preparing with confidence. 


You can download our free Audit guide here:

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