Undertaking an audit with British Weight Lifting during COVID-19
Following an introductory Microsoft Teams call with the Chief Executive Officer and the Chief Financial Officer at British Weight Lifting, we were able to learn more about the organisation and prepare our tender document and quote accordingly.
Once our tender was successful, we could then begin the process of planning the audit, the timings and how the audit would work in practice.
Taking a unique approach...
Next, we co-ordinated the review of the prior year audit files by arranging to remotely access a laptop that contained the files in read-only format, allowing us to review accordingly.
This was the first time that audit work of this nature was carried out this way. Previously we had always done the review on the site of the ex-auditors.
Collaborating through technology...
After the review had been completed, engagement letters were sent across and received back by email and anti-money laundering checks were completed remotely already.
As BWL use Xero as their accounting software, this allowed easy access to the necessary financial records with sales and purchase invoices all contained within the software.
The use of Microsoft Teams allowed regular communication and collaboration throughout the audit. From the initial planning meeting, updates and calls, run through of systems to the final approval meeting.
Reporting back to the client...
Our Report to the Directors allows for the final meeting to be focused on the key movements in the accounts and the key findings of the audit along with our recommendations.
The initial timeline suggested in the tender process by BWL for an audit finalisation meeting in August was met despite being carried out completely during the pandemic.
Head of Audit and Compliance, Dan Wilson:
“We were delighted to have won the tender for British Weight Lifting and then immediately had to consider how we could carry out the audit whilst in lockdown.
"Our knowledge of the industry certainly helped in building our client-specific knowledge and our investment in our digital offering and IT systems certainly has proved invaluable at this time.
"Despite how well it has worked remotely, we can’t wait until it is safe for us to go out and see their offices and meet the team face-to-face. We're looking forward to building a long term relationship with BWL as they develop the sport in the UK over the next few years.”
Chief Financial Officer at British Weight Lifting, Mark Martin:
"There has been a lot of potentials for things to go wrong with our audit this year. A change of auditors is always done with a heavy heart as you fear that you will lose a lot of productive time in explaining your financial systems to relative strangers. Also, as a business, we have been fighting multiple crises on several fronts because of the pandemic.
"However, the best compliment I can pay Sedulo is that we appear to have navigated the annual audit and not felt inconvenienced in any way. We have found some aspects of the process, such as the review meeting via Teams, have probably worked better than following the 'old ways'. At the same time, I feel that the audit has been just as thorough and professional as if it had been predominantly done with site visits and face-to-face meetings.
"I see no reason as to why this can’t be the start of a flourishing relationship between British Weight Lifting and Sedulo and I look forward to the time when I can finally meet the Sedulo team physically as well as virtually."
Ask us about our Audit & Compliance services...
Speak to our Head of Compliance, Dan Wilson…