Tis the Season to be ........ preparing for your next audit/review?

As the Australian reporting season winds up, with the vast majority of AGMs over now, it is an appropriate time for each business to reflect.....on how much of a nightmare the audit was.

Hopefully, your audit season was smooth sailing, with the audit starting on time, no late issues identified, accounts and reports finalised a week before the Audit Committee (or Board Meeting) and no uncomfortable audit fee overrun discussions.

Actually, if you scored any two of those, you are probably doing well and are looking forward to a relaxing break over the holidays - as you have the half year (or full year) under control already.

However, this post isn't aimed at businesses who have their audit processes under control, it's more for those that don't.  Set out below are some practical tips for those businesses who didn't have a smooth audit season last time and are hoping that because this is a half year, things will be easier this time.  Without a plan, that's probably not going to happen.