You’ve just had your year-end audit – so now what?

Mar 28 2014

Now is the time of year when the majority of businesses within the commercial sector have completed their January year-end and have had an annual visit from the auditors. It is in reviewing the audit report that some businesses will identify criticisms or recommendations of processes that need to be reviewed.

With these recommendations front-of-mind, the time to act is now, as they can too soon fade into the background and fall down the ‘to-do’ list as the months pass.

So, spring is here…or at least around the corner, so what better time to spring clean and get systems and processes in place for a clean bill of health in time for next year’s audit?

But if you’ve got the auditor’s report in hand and are asking yourself “now what????, read on…

In the commercial sector, being able to account for assets, knowing what you have, where it is and, also, if it is being correctly maintained is often one of the sticking points flagged from an audit. The term ‘robust systems’ is often used by auditors to determine whether financial statements are tamper-proof, if there is an audit trail of everything that’s happened over the last year, and to gauge the current state of assets within the company. Many companies just simply do not have the systems or procedures in place to be able to show this.

Furthermore, Sarbanes-Oxley is a consideration focusing on the passage of data between systems and the security of that process. Being able to restrict access based on permission-levels, integrate data between finance systems in a tamper-proof manner, and extract the required data from an audited accounting product is key to proving systems and procedures are robust.

In using RAM’s Series4000, commercial companies can move from just doing the basics to get through an audit, to presenting a true and accurate reflection of the company’s assets next time the auditors come to visit.

It might well be the thorn in your side and ‘getting through’ it may have been enough this year, however, by acting now and implementing an asset management solution you can ensure that when the auditors come knocking next year, your systems mean you pass with flying colours!

For more information about how RAM can help your business, please visit our solutions page or give one of our friendly team a call on +44 (0)1689 892 100.