Ensure a successful Audit –Tips from top 10 Audit firms Bahrain

1. Ensure a successful Audit –Tips from top 10 Audit firms Bahrain Overview Audits are undertaken to examine and assess the financial, monetary or budget statements of any company. The main purpose of an audit is to ensure the accuracy of the documented records with the exact portrayal of exchanges. But since Audit is not taken healthily by most of the businesses, and termed as the frightening task. So it becomes of utmost importance to make this method more sleek, smooth and hassle-free without giving nightmares to any business. In this article, we are sharing some of the best tips to ensure a successful audit by top Audit firms in Bahrain. 1.Start preparing for the Audit from the beginning of the financial year itself As audit brings with it piles of questions, tension and sometimes disappointment. So it is always a better way to prepare for the next upcoming Audit well in advance from the beginning of the financial year itself. A little preparation on a day to day basis and organizing records accordingly can pave the way towards the smooth and successful audit process, minimizing audit adjustments and last-minute surprises. It will also help in lowering your future audit fees and gets more value out of the audit process. 2.Documentation of every record Make it a habit to keep the documentation of every record, expenditures, and critical transactions. The audit solely works on documentation and proofs of expenses being incurred. So every transaction must be documented properly to avoid unnecessary time to be spent searching for the records. 3.Develop a habit of monthly or quarterly reconciliation Audit firms in Bahrain suggests that monthly or quarterly reconciliations help to identify and resolve the reconciling items in a proper time. A year-end reconciliation during audit consumes lots of time and becomes daunting. 4.Take lessons from past mistakes To ensure the fruitful audit, it is advisable to track earlier issues and experiences and make sure to not repeat it this time. Open the communication channels with your auditors to remove the barrier and paves the way towards the development of the company. 5.Request an explanation wherever necessary If auditors ask for any inside information on strange or rare transactions, it is always the best way to request for an explanation on the same. It helps to avoid unnecessary delays and also clear out your doubts. Establishing the tracking system With the advancement in technology, there are many new approaches to tracking things. By using the electronic file storage, one can easily track the information progress in real-time.

2. It will help to keep the auditing procedure in order by saving on the auditor’s time and also reduces your cost. 6.Appropriate work assignment Always assign one type of work to one person. It helps to clear out the things without making one person overload and reduce the chances of any conflict within the department of the organization. 7.Open the communication channels Make a habit to speak to your employees and make them aware of the happenings within the organization. As the audit requests are of priority for accounting and finance professionals, so the whole organization needs to know and understand its importance. Conclusion As the auditing process is complex. So careful planning helps to make this process profitable and efficient than ever. The above-mentioned tips shared by Audit Firms in Bahrain might prove helpful without creating trouble and making it a seamless process. So from now onwards don’t get panic and enjoy an auditing period.