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How Can We Support Auditors to Speed Up the Auditing Process?

Auditing is an essential function for maintaining the integrity of financial information, ensuring compliance, and reinforcing public trust in organizations. However, audits can be time-consuming, especially when dealing with complex financial structures, incomplete documentation, or uncooperative departments. For companies that undergo regular audits—such as SMEs, MNCs, and non-profits—speeding up the auditing process without compromising quality is beneficial both for internal management and the auditors themselves.

This article explores practical ways companies and organizations can support auditors to streamline and accelerate the audit process, leading to more efficient engagements, timely reports, and better overall outcomes.

1. Maintain Clean and Accurate Records Year-Round

The single most effective way to support auditors is to maintain proper records throughout the year. Businesses should implement structured bookkeeping practices that include:

Timely entry of transactions.
Reconciliation of bank statements monthly.
Proper documentation of invoices, receipts, and contracts.
Periodic review of ledgers to detect and correct anomalies.

When records are clean and up-to-date, auditors can focus more on verification and analysis instead of spending time searching for missing or inconsistent information.

2. Adopt Cloud Accounting Software

One of the fastest ways to enhance audit readiness is through the adoption of modern accounting software. Cloud-based platforms like Xero, QuickBooks Online, and SAP provide real-time access to financial records, enabling:

Seamless collaboration between the auditor and the accounting team.
Secure sharing of documents without endless email chains.
Automated reports and audit trails that speed up evidence collection.

These tools often include built-in audit-friendly features, such as user logs, version history, and automatic categorization.

3. Prepare an Audit File in Advance

Supporting documentation is critical for audit completion. One practical approach is preparing an audit file before auditors arrive. This should include:

Trial balance and general ledger.
Copies of bank statements and reconciliations.
Fixed asset register and depreciation schedule.
Details of payables and receivables.
Contractual agreements and board resolutions.

When auditors receive a well-organized audit file, they can begin their work immediately, reducing time spent on data requests.

4. Assign a Dedicated Audit Liaison

Designate an internal team member—typically someone from the finance or compliance department—to act as the main point of contact for auditors. This person should be:

Familiar with the company’s financials.
Able to coordinate with other departments.
Responsive to auditor requests.

Having one knowledgeable liaison improves communication, minimizes delays in document provision, and ensures follow-ups are managed effectively.

5. Respond Promptly to Auditor Queries

Delays in responding to audit queries are a major contributor to extended timelines. Businesses can support auditors by:

Setting aside dedicated time during the audit period to handle queries.
Ensuring key personnel are available for explanations and walkthroughs.
Maintaining a checklist of pending queries to monitor closure.

Efficient query resolution reduces audit rework and keeps the process moving forward.

6. Conduct Internal Pre-Audits or Reviews

Before the official audit starts, businesses can carry out internal pre-audits or mock audits to identify potential gaps. This proactive step allows for:

Early detection of misstatements or non-compliance.
Rectification of documentation issues.
Alignment of accounting treatment with applicable standards.

Companies that conduct pre-audits significantly reduce the risk of last-minute surprises and audit delays.

7. Standardize Documentation Across Departments

Audits often span multiple departments—finance, operations, HR, and procurement. Disparities in how each department handles documentation can slow auditors down. To avoid this:

Standardize templates and formats for common records.
Create a centralized repository for storing key documents.
Train staff on audit documentation best practices.

Uniformity across departments improves accessibility and understanding, both of which benefit auditors.

8. Utilize Digital Document Management Systems

Auditors spend a significant amount of time locating and organizing files. Implementing a Document Management System (DMS) or using platforms like Google Drive, SharePoint, or Dropbox Business can help:

Store files in logical folders (e.g., “2024 Financial Year > Receivables > Invoices”).
Allow controlled access to external users (like auditors).
Enable search functionality to locate documents faster.

Going paperless isn’t just eco-friendly—it’s also audit-efficient.

9. Keep Track of Changes in Accounting Standards and Regulations

Accounting standards such as Singapore Financial Reporting Standards (SFRS) or International Financial Reporting Standards (IFRS) are periodically updated. If the company does not adapt in a timely manner, auditors may need to spend extra time resolving compliance issues.

To support auditors, businesses should:

Subscribe to regulatory updates.
Attend workshops or webinars.
Consult with their accounting advisors on changes that impact their industry.

Preparedness in applying new standards minimizes audit adjustments and backtracking.

10. Ensure Audit Readiness from Subsidiaries or Related Entities

For group audits or consolidated financial statements, one slow subsidiary can delay the entire process. Ensure that all related entities are:

Aligned in their accounting practices.
Ready with complete and consistent financial records.
Available for inter-company reconciliation and confirmations.

A synchronized approach across all entities ensures that group audits progress smoothly and quickly.

11. Embrace Audit Automation Tools

With the rise of AuditTech, businesses can now adopt tools that allow auditors to:

Perform data analytics directly on raw accounting data.
Automate sampling and risk assessments.
Flag anomalies in transactions using AI and machine learning.

These innovations not only reduce manual audit steps but also improve audit quality.

12. Build a Culture of Audit Transparency

When employees understand the purpose of audits and are supportive, the process moves more smoothly. Companies can foster this by:

Educating staff about audit processes and their roles in supporting them.
Promoting transparency and ethical record-keeping.
Encouraging openness when questions arise.

A cooperative organizational culture goes a long way in facilitating quicker audits.

Conclusion: Streamlining Audits Is a Shared Responsibility

While auditors are responsible for conducting a thorough and independent examination of financial records, businesses have a key role in making the process more efficient. Through proper planning, technology adoption, internal coordination, and timely responsiveness, companies can significantly reduce audit timelines and improve the quality of audit outcomes.

Supporting your auditors isn’t just about speeding things up—it’s about building trust, improving accuracy, and ensuring long-term compliance.

If you’re looking for experienced, efficient, and responsive audit services in Singapore, consider working with https://kohlimaudit.sg/. Our team of professionals ensures a smooth and timely audit process for businesses of all sizes.

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