This involves gathering all necessary financial statements, documents, and understanding the scope of the audit. Clear communication with the auditing team about expectations and timelines is crucial.
During this phase, auditors will examine financial records, transactions, and the effectiveness of internal controls. Ensuring that all documentation is accurate, complete, and accessible is crucial for a smooth audit process.
It’s critical to assess and present strategies for restructuring existing debts. This involves evaluating the terms, conditions, and implications of current debts and proposing viable restructuring plans to improve financial stability and compliance.
Providing ongoing cooperation and access to required information to auditors is vital. Quick responses to inquiries and facilitating necessary discussions between auditors and company personnel ensure the audit progresses efficiently.
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