EXTERNAL AUDIT LIASONING

Assisting in the planning phase of the audit by providing relevant information about the organization’s operations, financial structure, and key risk areas.

Furnishing auditors with requested documents, financial records, schedules, and other necessary information to support the audit procedures.

Explaining complex financial data, transactions, accounting policies, and practices to auditors to ensure accurate understanding and proper assessment.

Clarifying organizational policies, procedures, and internal controls to auditors to facilitate their evaluation of the control environment.

Coordinating logistics and scheduling meetings, interviews, and site visits to facilitate auditors’ fieldwork activities.

Providing access to key personnel, including management and staff members, for auditors to obtain explanations, clarifications, and corroborating evidence.

Assisting auditors in compiling audit evidence, supporting documentation, and workpapers to substantiate financial statement assertions.

Addressing auditors’ queries, inquiries, and requests for additional information promptly and comprehensively to expedite the audit process.

Managing and organizing audit documentation, including maintaining audit trails, tracking requests, and ensuring completeness and accuracy.

Monitoring the progress of the audit engagement, tracking milestones, and addressing any issues or delays that may arise during the audit process.

Coordinating closing meetings between auditors and management to discuss audit findings, observations, and recommendations.

Assisting management in responding to audit findings, including preparing management responses, action plans, and corrective measures.

Following up on audit recommendations, action plans, and implementation timelines to ensure timely resolution of audit issues.

Reviewing draft financial statements prepared by auditors for accuracy, completeness, and compliance with applicable accounting standards.

Providing support to the audit committee, including preparing materials, facilitating meetings, and addressing inquiries related to the external audit.

Assisting with compliance requirements related to audit reporting, regulatory filings, and disclosure obligations.

Facilitating resolution of any conflicts or disagreements that may arise between management and auditors during the audit process.

Identifying opportunities for process improvements, efficiencies, and enhancements in the audit liaison function based on feedback and lessons learned.

Ensuring confidentiality of sensitive information and maintaining a professional and cooperative relationship with auditors throughout the audit engagement.