Audit ?

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi everyone<BR>Next week auditors are coming where I work.<BR>Havenâ??t come across the audit before so haven't got a clue <BR>We have an accountant to deal with all the queries?<BR>But I just like ask if anyone can give me some advice ? <BR>Thanks<BR>

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Audit ?

    Most auditors are open to a good bribe so always have a tin of biscuits on the go and offer plenty cups of tea.<BR><BR>Chances are any queries would be directed to your accountant but if you let me know what line of work you're in and what you do I'll have a stab at telling you what they might be looking for, after all, if the accountant can't answer a query they may come after you!!!<BR><BR>PS: The bribe thing was a joke, it never works, most auditors have their personality removed at birth. Just give them what they want, smile and send them packing.<BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Audit ?

    Am I right in thinking that you are involved in audit Pen29, you seem to have a personality!!!<BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Audit ?

    Involved...now that suggests voluntary participation. I don't think I ever volunteered to be here, I must have done something really terrible in a past life. As for my personality, well, it's something I've managed to develop over the years after performing the same recurring audits every year in the same boring places.<BR><BR>Can I see your Petty Cash tin please?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Audit ?

    I have dealt with auditors over the last 12 years and have always found them to be friendly. Basically they are there to make sure the systems in place are correct. They check the accounts against the previous years and if there are any large variances they need to know why etc.. it could be you have had a refurbishment and there are more repair charges. The main nominal ledgers they check are professional fees, repairs, sundry, etc.. I think they do this for their tax department as our auditors usually produce the corporation tax computation. Obviously they will ensure the sysytems in place prevent fraud. They may ask alot of questions, but do not worry they are only doing their job. They will check the debtors and creditors payment period to see if there are any differences to the previous year, if there are they will want to know why.<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Audit ?

    PEN 29 - loving your auditor observations which are spot on ! Having been an auditor in my distant past I now take great pleasure in getting my revenge of the ones that visit us.<BR><BR>Namely, sending them to the far reaches of the archives to search for invoices. I find this normally gets them out of my hair for a while.........<BR><BR>:-)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Audit ?

    Well NickyAllen, what can I say, I think I've been and audited you before! How come the file I want to see is always out by the boiler house, where nobody ever goes. Or in the morgue, which you can only visit after dark...<BR><BR>Revenge is sweet and he who laughs last laughs loudest.<BR><BR>Not really applicable coz auditors don't laugh!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Audit ?

    I must admit, the above posts certainly made me laugh.<BR><BR>I work in audit and I'm not boring and have the capability of breaking into a smile, though when I worked in industry, we didn't half get some right know it alls!! Proper, old school, boring, cocky and downright miserable (for want of a better phrase) prats. No wonder the audit profession has become stereotypical.<BR><BR>In terms of what we want when we come out to the client - well everything - nice, neatly written, balanced up books, control accounts agreed, balance sheet agreed, purchase invoices in alphabetical order, sales invoices nicely batched into months (and again in numerical order), payroll records balanced every month, PAYE liability at the end of the year balanced up and the VAT down to the penny.<BR><BR>Then we wake up.<BR><BR>Seriously though, just give them what they ask for and leave them to it. The majority of the audit is spent following a very long, 68 page and extremely boring audit pack. As long as the majority of the main control accounts are balanced e.g. bank rec, paye liability, vat etc and you have got supporting documents for fixed asset additions and the debtors and creditors agree, the rest is all downhill.<BR><BR>Best regards and good luck<BR><BR>Steve
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Audit ?

    Steve...come on how often if ever do you get any of the things you've listed!?!?!<BR>Pete
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Audit ?

    PEN 29 - despite my previous comments about sending auditors to the far reaches of the archives, I do actually provide them with exactly what is listed on Steve's list (how sad does that make me ??) as well.<BR><BR>And its only ever the junior auditors that I send to archives anyway....... Bless them all they need some amusement in their lives :-)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Audit ?

    Thanks a lot all of U for nice comments and advice <BR>Plenty of buiscits,tea!!!!!!!!!! no worry<BR>Will try the best <BR>Have a good weekend

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