Managing statutory audit of a large organization with in an agreed timeline in coordination with multiple internal stakeholders
Delay in audit closure thus impacting compliances with statutory authorities
Recommended Solution
Preparation of a detailed project plan
Getting stakeholder acceptance on timeline and support needed
Implementation
Discussions with statutory auditors to finalise detailed requirement list
Analysis of all stakeholders who are involved in meeting audit requirements.
Analysis of inter-dependencies between different areas and thus identifying critical path for the audit program
Analysis of areas which has typically caused audit delays in prior years
Discussion with senior management enlisting their support for timely closure of audit
Basis the above, a detailed project plan was prepared with monthly and weekly schedules
Study of applicable accounting standards and compliance requirements to internally assess compliance with the requirements.
Articulating to auditors the company’s position with regards to compliances and GAAP requirements. Arriving at mutually acceptable solutions where there are differences with the audit team
Weekly governance calls were set up with the audit team and also with the internal stakeholders to sort out any issues arising in the course of audit. Regular updates to senior management as regards audit status and points that needed their attention.
Results
Audit completed and balance sheets signed 3 months ahead of usual time taken
Adequate time to complete compliances with statutory requirements
