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Surviving a Financial Audit: Steps to Ensure a Smooth Audit Process

Facing a financial audit can be daunting for any business, but with the right preparation, it can become a streamlined process that reinforces your company’s financial health. Here are key steps to ensure your audit runs smoothly:

Understand the Scope of the Audit

Clarify the type of audit you are facing—whether it’s an internal audit, external audit, or a tax audit by SARS. Understanding the audit’s scope helps in gathering the relevant documents and setting expectations.

Organise Financial Records

Ensure all financial records are up-to-date, accurate, and well-organised. This includes:

General ledger; Bank statements; Invoices and receipts; Tax filings and Payroll records.  Using accounting software can simplify this process by centralising data.

Prepare for Auditor Inquiries

Auditors may ask for explanations regarding discrepancies or unusual transactions. Be ready to provide clear, concise, and factual responses. Documentation supporting your explanations is crucial.

Address Potential Issues Proactively

If you identify errors or compliance issues during your preparation, address them immediately. Disclosing and correcting mistakes proactively can build credibility with auditors.

Ensure Legal and Regulatory Compliance

Verify that your business complies with all relevant tax laws, financial reporting standards, and industry regulations. This reduces the risk of penalties and adverse audit findings.

Provide a Comfortable Work Environment

If auditors are working on-site, ensure they have a comfortable space with access to necessary resources. This fosters a professional and efficient audit environment.

Learn from the Audit

Post-audit, review the auditor’s findings and recommendations. Use this feedback to strengthen your financial practices and prepare better for future audits.

 

 

Red Dot Now provides accounting, payroll and tax compliance services using the best of breed online technology.

Should you want to discuss this, or any of our services further, contact Ryan Coates on e-mail at ryan@reddotnow.com

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We can’t speak highly enough about Ryan and his incredible team at Red Dot Now. We have utilized their services for years and have always been grateful for their friendliness, professionalism and seamless service! Thank you again.Rory Loader
We can’t speak highly enough about Ryan and his incredible team at Red Dot Now. We have utilized their services for years and have always been grateful for their friendliness, professionalism and seamless service! Thank you again.
“I would highly recommend Red Dot Now as I have worked with them for a number of years and always received excellent service and support from the whole team. Our company wouldn’t be the same without Red Dot Now.”Nicky Bailey • MD – Webco
“I would highly recommend Red Dot Now as I have worked with them for a number of years and always received excellent service and support from the whole team. Our company wouldn’t be the same without Red Dot Now.”
“Red Dot Now has added exceptional value to our company. Since taking over our accounting services, we have been able to focus on our core business, assured that our financial affairs are taken care off in a professional, user-friendly, accessible and compliant manner. It is also nice to receive information and reports in a 21st-century manner.”Jacques Buchner CEO – RB Africa
“Red Dot Now has added exceptional value to our company. Since taking over our accounting services, we have been able to focus on our core business, assured that our financial affairs are taken care off in a professional, user-friendly, accessible and compliant manner. It is also nice to receive information and reports in a 21st-century manner.”
“Red Dot Now has assisted us with establishing an efficient outsourced back office supporting our accounting and human resources functions. Through utilising the Red Dot Now outsourcing services, we have managed to reduce our back-office costs significantly without losing functionality and efficiencies.”John Cerff CFO – VM Automotive
“Red Dot Now has assisted us with establishing an efficient outsourced back office supporting our accounting and human resources functions. Through utilising the Red Dot Now outsourcing services, we have managed to reduce our back-office costs significantly without losing functionality and efficiencies.”
“Without Red Dot Now our business would not have been what it is today. I would recommend them to all businesses striving to grow and move forward with the latest technology. World class.”Founders - International Player Management (Pty) Ltd
“Without Red Dot Now our business would not have been what it is today. I would recommend them to all businesses striving to grow and move forward with the latest technology. World class.”
“Red Dot Now was instrumental to the successful migration of our group’s accounting platform and the introduction of reporting software as well as other critical consulting services that allowed us to move to the next level required as a part of our expansion strategy.”Pierre Roux - Group Financial Manager & Premier Hotels & Resort
“Red Dot Now was instrumental to the successful migration of our group’s accounting platform and the introduction of reporting software as well as other critical consulting services that allowed us to move to the next level required as a part of our expansion strategy.”
“Red Dot Now has moved our company forward and has efficiently helped us with various aspects of our businesses finances including our payrolls and SARS submissions.”Johnny Goldberg - CEO Global Business Solutions
“Red Dot Now has moved our company forward and has efficiently helped us with various aspects of our businesses finances including our payrolls and SARS submissions.”
We can’t speak highly enough about Ryan and his incredible team at Red Dot Now. We have utilized their services for years and have always been grateful for their friendliness, professionalism and seamless service! Thank you again.
Rory Loader
We can’t speak highly enough about Ryan and his incredible team at Red Dot Now. We have utilized their services for years and have always been grateful for their friendliness, professionalism and seamless service! Thank you again.
“I would highly recommend Red Dot Now as I have worked with them for a number of years and always received excellent service and support from the whole team. Our company wouldn’t be the same without Red Dot Now.”
Nicky Bailey • MD – Webco
“I would highly recommend Red Dot Now as I have worked with them for a number of years and always received excellent service and support from the whole team. Our company wouldn’t be the same without Red Dot Now.”
“Red Dot Now has added exceptional value to our company. Since taking over our accounting services, we have been able to focus on our core business, assured that our financial affairs are taken care off in a professional, user-friendly, accessible and compliant manner. It is also nice to receive information and reports in a 21st-century manner.”
Jacques Buchner CEO – RB Africa
“Red Dot Now has added exceptional value to our company. Since taking over our accounting services, we have been able to focus on our core business, assured that our financial affairs are taken care off in a professional, user-friendly, accessible and compliant manner. It is also nice to receive information and reports in a 21st-century manner.”
“Diga has assisted us with establishing an efficient outsourced back office supporting our accounting and human resources functions. Through utilising the Diga outsourcing services, we have managed to reduce our back-office costs significantly without losing functionality and efficiencies.”
John Cerff CFO – VM Automotive
“Diga has assisted us with establishing an efficient outsourced back office supporting our accounting and human resources functions. Through utilising the Diga outsourcing services, we have managed to reduce our back-office costs significantly without losing functionality and efficiencies.”
“Without Red Dot Now our business would not have been what it is today. I would recommend them to all businesses striving to grow and move forward with the latest technology. World class.”
Founders - International Player Management (Pty) Ltd
“Without Red Dot Now our business would not have been what it is today. I would recommend them to all businesses striving to grow and move forward with the latest technology. World class.”
“Red Dot Now was instrumental to the successful migration of our group’s accounting platform and the introduction of reporting software as well as other critical consulting services that allowed us to move to the next level required as a part of our expansion strategy.”
Pierre Roux - Group Financial Manager & Premier Hotels & Resort
“Red Dot Now was instrumental to the successful migration of our group’s accounting platform and the introduction of reporting software as well as other critical consulting services that allowed us to move to the next level required as a part of our expansion strategy.”
“Red Dot Now has moved our company forward and has efficiently helped us with various aspects of our businesses finances including our payrolls and SARS submissions.”
Johnny Goldberg - CEO Global Business Solutions
“Red Dot Now has moved our company forward and has efficiently helped us with various aspects of our businesses finances including our payrolls and SARS submissions.”

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