And just like that, it is June! For most of our clients, June means that the fiscal year is coming to a close and preparation for the year end audit has already begun. Yet, this year, with the COVID-19 pandemic bringing us many new challenges, audits are looking different than they have in the past. For many, travel and in-person meetings are being discouraged or prohibited. With such rules in place, the audit engagement process has moved to a more remote setting rather than the traditional face-to-face audits that we are used to. If you’re anticipating a mostly remote audit this year, then stay tuned – we have some great ideas for you in a series of blog posts along with a webinar that you won’t want to miss!
To kick off this series, as you begin your remote planning, keep these points in mind:
This is new for the auditors, too: Though some auditors routinely conduct remote audits, for most auditors, this will be as new for them as it is for you. Everyone will be taking this one day at a time!
Many tools are available remotely: Any cloud-based system that you use is accessible from wherever you’re working. This includes Fundriver; all of your data, reports, audit tools, etc., are available from your office or home. Stay tuned for a future post discussing some of our favorite Fundriver tools that help in preparing for audit! (Spoiler alert: be ready to learn how to give your auditors direct, read-only access to Fundriver, as well as how to export and share data with auditors!)
If you’re still getting used to the ASU 2016-14 guidance, there are lots of resources available to help: We shared a series of posts last year about the endowment reporting changes from ASU 2016-14; you can access those here. Have questions? Feel free to drop a comment or send us an email! In addition to our endowment-focused resources, many resources are available from the AICPA and other industry leaders.
Take advantage of the remote environment to reduce your stress levels: A virtual audit can give you more time and space to practice stress management throughout an audit. Having the auditors off-site enables you to keep your work processes consistent, take time for coffee, etc., without the pressure of an on-site team. Use these opportunities to make your audit time easier!
What concerns you most as you head into audit season this year? We’ll do our best to answer your questions in our next post!