From the course: Preparing for an Audit
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Reviewing the audit preparation and audit decision results
From the course: Preparing for an Audit
Reviewing the audit preparation and audit decision results
- After an audit has been completed, it's important if your company has been the subject of the audit to review the preparation, the process and the opinion. This is important because there might be room for improvement at each of those three steps. As you do a debrief with your teammates, identifying what went wrong in each of these three phases and what went right will help guide you in the future. The reason it's important to review how the independent audit went is because companies that have independent audits don't usually do them once and then stop. They're usually doing independent audits on a frequent and regular basis. This is especially true with publicly traded companies but it's also true for a lot of larger non-profits and many private companies. As you think about how to get better at doing an audit, I would invoke the motto of continuous improvement, "Do it bad, then do it better." Of course you don't want…
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