How to Prepare for an Audit in Your Company

An audit in Poland is a mandatory procedure for many companies and ensures the reliability of your financial statements. A successful audit not only prevents fines and penalties but also boosts trust among investors and partners. However, preparing for it can be complex and time-consuming. Below are practical tips to help your company smoothly go through the audit process.

Who can conduct an audit

In Poland, audits can only be conducted by auditors listed in the official register maintained by the Ministry of Finance. This means the auditor must hold appropriate qualifications and be registered.

Audits can also be performed by audit firms employing registered auditors. The firm’s head must also be a licensed auditor.

Therefore, only accredited individuals or firms are authorized to conduct audits. Reports from unlicensed parties hold no legal validity.

I. Planning and organization

• Timely auditor appointment: don’t delay the choice of an audit firm. Early planning allows a structured workflow.
• Internal checklist: create a list of required documents and procedures. Include both financial documents and internal control information.
• Document management system: a well-organized filing system speeds up the audit. Use digital tools where possible.
• Assign a contact person: designate a staff member to liaise with the auditor and ensure smooth communication.

II. Preparing documentation

Polish regulations require the submission of various documents, including but not limited to:

• Financial statements: balance sheet, income statement, cash flow statement, equity changes report – all per Polish Accounting Standards (PSR).
• Primary documents: invoices, delivery notes, bank transfers, statements – they must be complete and verifiable.
• Internal control system: internal audit results, policies, and procedures documentation.
• Contracts: significant agreements with clients, suppliers, and employees.
• HR documents: payroll, taxes, and social contribution data.
• Inventory records: results of stocktaking and asset inventories.

III. Cooperation with the auditor

• Open communication: timely and transparent responses speed up the audit process.
• Employee availability: make sure relevant staff can assist the auditor when needed.
• Address issues: respond to auditor’s comments and provide necessary information promptly.

IV. After the audit

• Audit report analysis: review findings and ensure understanding of recommendations.
• Fix identified issues: take corrective actions to prevent recurrence in the future.

Preparing for an audit is a complex process requiring thorough planning and organization. Following these tips will help your company navigate the audit efficiently and build credibility with stakeholders. When in doubt, consult a professional accountant or auditor.

Questions? Write to us at office@progressholding.pl