What do companies need to know and prepare to make the audit process go smoothly?

Auditors should be provided with an overview of a company’s business activities and structure so as to enable them to provide the most thorough and accurate feedback possible. While most auditors have some general industry knowledge, briefing auditors on the specific activities as a business conducts, its supply chain and procurement procedures, and existing internal controls can allow the audit process to proceed smoothly. While auditors are expected to perform check on internal controls independently, it can be beneficial to first explain how these internal controls function.