From the course: Finance and Accounting Tips

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What do auditors do?

What do auditors do?

From the course: Finance and Accounting Tips

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What do auditors do?

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- I'm the auditor and I'm here to help. That's an old joke that's not very funny, and it strikes fear into the heart of anyone who actually hears that sentence on the job. For some reason, auditors are like IRS agents. We appreciate that they do their job and we would appreciate it if they would do their job as far away from us as possible. We're going to talk for a moment about what auditors do and why they do it. From an accounting point of view, auditors serve a very valuable role. They check to make sure things are running according to the policies and procedures put in place by management. They just want to make sure that things are running according to plan. Are we getting proper approvals before placing orders? Are cash receipts being handled properly? Are bank accounts being reconciled? Are discrepancies being followed up on? Auditors just kind of hold us accountable. The reason we are not that fond of auditors is because they catch us not doing what we should be doing or they…

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