In Episode 15 of #ASKaCFO James Vanreusel of Vanreusel Ventures discusses his experience with the audit process for both for-profit and non-profit companies in the health and tech sectors. Audits are complex and intricate. At times, they can seem like a looming task, but the purpose of an audit is not to create extra work for your Finance Team. Ultimately, in the end with a positive result, it can make your company more profitable, and attractive to investors and stakeholders.
During an audit, part of my job as a CFO is to keep an open mind and maintain a close repour with auditors to ensure the process is completed smoothly without major issues. I talk about due diligence a lot and for a reason. The more prepared you are the better your audit will go. Having your ducks in a row before an audit will save your finance team countless hours and is sure to minimize issues and potential flags. No audit is the same, and every audit firm has different requirements. You must be prepared for anything.
The #AskaCFO series is a weekly Q & A with CFO James Vanreusel. James answers questions ranging from corporate finance, FP& A, Investor Relations, Professional Development, Business Growth, Fundraising, M& A, and more. If you have any questions you would like James to discuss please submit them directly to firstname.lastname@example.org