From the course: Preparing for an Audit
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- If your company or organization has been audited before, it will be important to let your new auditor know if anything material has changed. And there are a few different things that you're going to be on the watch for. Some important changes you'd want to alert your auditor to are, business model operations changes. This would represent a material change in how your business operates or what your business fundamentally does. You'd also want to let your auditor know if your accounting systems changed or if your accounting basis has changed. If that's changed since your last audit, that's definitely something you're going to want to let your auditor know about. Another important change you'd want to let your auditor know about is your inventory method. If you've switched from LIFO, last in, first out, to FIFO, first in, first out, or vice versa, you definitely want to let your auditor know about that. Finally, if there…
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