In these challenging economic times and with nothing but uncertainty on the horizon, it’s more important than ever that businesses keep on top of regulatory requirements and changing legislation, ensuring their audit goes ahead as usual. With social distancing measures and travel restrictions in place due to the COVID-19 pandemic, not to mention workplaces being physically closed in many cases, any imminent external audit is likely going to be conducted remotely. So, what does a virtual audit entail and how can organisations best prepare?

A virtual audit will ultimately perform the same function as a regular face-to-face visit, instead using a range of technology available to auditors to complete the financial picture. The video calls we’ve all become accustomed to, screen sharing, remote document access, and live streaming might all be used in a virtual audit to provide the auditor with the information needed. Understandably, this will be an unusual process for companies so it’s important to prepare for your audit slightly differently and probably earlier than in previous years. Here are four areas we think should be top of the agenda in terms of preparation:

Technology

Timetable

Omissions

People

Has your organisation been through a virtual audit in 2020? How did your team react? We’d love to hear from you.

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