A version of this article first appeared in Accounting Today.

As companies look ahead to audit season, it’s more important than ever to stay aware of the major ongoing challenges stemming from today’s reshaped workplace dynamics.

Accounting and finance teams continue to struggle with pervasive staff resignations or reshuffling, which spurs downstream impacts from project management to task execution. Auditors are facing similar human capital issues, with new or not enough people to ensure audits are executed accurately and seamlessly. Meanwhile, the IPO boom of recent years and the continued high deal volume are impacting an array of organizations now facing complex accounting and auditing problems, often with in-house teams lacking the previous experience to tackle these challenges efficiently.

It’s no wonder, then, that many in the field are facing audit season with more than the usual level of stress. But with proactive collaboration and the right processes in place, in-house professionals can alleviate some of these issues and chart a less challenging course, both for themselves and for auditors. Here are some strategic points that accounting and finance teams should keep in mind in order to make audit season go more smoothly, including potential trouble spots unique to this year’s audit cycle.

1. Be proactive

Effective accounting and finance teams will approach each audit with a proactive mindset, although preparedness remains especially important this year given that many organizations are facing significant change.

A proactive approach starts with upfront planning discussions with auditors surrounding management’s risk assessment. These discussions are the company’s opportunity to articulate where management believes higher risks exist and where audits should focus regarding locations, accounts and transactions. Conversely, management teams should provide their perspective on any areas where the risk profile may have changed from prior years.

For instance, if a company launched a new revenue stream in 2019, and the company has compiled three years of history to validate assumptions or judgements incorporated into the accounting, then management could argue that the revenue stream should no longer be considered high risk. This proactive discussion could eliminate unnecessary audit efforts related to that revenue stream.

Additionally, company professionals should take it upon themselves to align on delivery dates for needed data, and commit to timely, but realistic, turnarounds. Although deadlines may be meant to motivate, too aggressive timelines can cause delays or rework if the in-house team fails to meet those milestones, as auditors depend on this information when planning their resources and staffing.

If a company is significantly under-resourced, leaders may also want to proactively engage interim support to meet the pressing needs of the audit cycle. Any interim engagements should keep an eye toward the future, so that in-house teams can glean related learnings from outside assistance and carry forward any best practices learned during the audit cycle into ongoing accounting and finance operations.