Audit Readiness Checklist for Philippine SMEs

Importance of Audit Readiness for SMEs

Audit readiness is essential for SMEs to avoid delays and unfavorable findings during an external audit. Proper preparation reduces stress and improves audit efficiency.

Key Audit Readiness Steps

Key audit readiness steps include maintaining complete accounting records, reconciling bank accounts regularly, and ensuring proper documentation of transactions.

SMEs should also establish basic internal controls, such as segregation of duties and approval processes, even with limited staff.

Early coordination with auditors allows management to clarify requirements and address potential issues in advance.

Professional Audit and Assurance Support

Audit and assurance requirements can be complex and highly technical. To ensure compliance, accuracy, and long-term business sustainability, it is always best to consult a licensed and experienced professional firm. DV Consulting, led by Danhilson Vivo, CPA, REB, REA, provides reliable audit and assurance services tailored to Philippine businesses.