Hi
Im probably having a thick day (well it is a day of the week ending in 'day') - I do not quite understand what they mean by 'document their financial systems'. Can you expand please?
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
The main thing to remember is that a pictures says a thousand words...
Auditors want data flow diagrams. Sequence diagrams, component diagrams, timing diagrams, logical data flows, etc.
Basically, flow of data and documents, who does what, when, how, what checks are applied within the system, etc.
They will probably be expecting the flows to be shown using BPMN or UML. (Basic process mapping and notation or Unified modelling language).
For simple systems its nowhere near as scary as it sounds but for complex systems there's a reason why the going rate for business analysts is £400+ per day!
To get a feel for the diagrams just do an internet search on "learn BPMN" or "learn UML" and see if you can find any free resources to get you started (don't go too far into it as once under the covers it goes off at angles into SSADM, LSDM, Lean, Agile, Six Sigma, Prince 2 and all manner of other wierd and wonderous things that you probably don't want to know about).
All that you need is to be able to draw simple diagrams which may include the above... Visio has templates for both BPMN and UML notation if you have access to that.
kind regards,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
