Here is a basic list of procedures that we should have in place, in order to keep our audit costs down and just in the best business practices area.
- Cash Receipts
- Accounts Payable
- Accounts Receivable
- Cash Management (Bank reconciliations, etc)
The biggest areas will always be cash, who handles it, how is it recorded, who has access to it and are there any checks and balances. If we focus on the above procedures we should be very auditable. The Board of Directors will pick eventually find someone to review these procedures and make further suggestions, so these procedures will change as we get more detail from them.
As a start, this website goes into a little detail about what auditors will look for in an audit.