An adequate size conference room usually works well. Ask the auditors for their recommendations for installing or improving your accounting controls and procedures-often referred to as the management letter. Planning is a critical a factor in this formula for a successful audit. A poorly planned audit will be an expensive audit because it will require additional staff and time to complete with costs out of your control. Teamwork is also essential.
Confrontation often replaces cooperation during the heat of the audit.
Your staff has their regular jobs to perform, yet they still must find time to assist the audit team. The auditors want to do their job efficiently as well. Monitor the situation frequently. Finally, hold your accounting firm to high standards. Pay for their services promptly.