Financial Audit

An Audit Preparedness Primer

Whether public or private, all companies are subject to financial audits—and major headaches await those who are ill prepared. By putting a relatively simple preparation strategy in place, controllers can help their companies avoid costly penalties and sidestep a host of pitfalls. “A lack of audit preparedness can demoralize the finance team and distract finance... Read more »
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What Role Does Internal Audit Play in Assessing Strategic Risk?

Should internal audit focus on identifying and evaluating strategic risks? In its 2009 study, Executive Survey on the Strategic Role of Internal Audit, Vonya Global LLC surveyed a cross-section of executives and internal auditors from both public and private organizations in a variety of industries. The respondents were asked to express their opinions regarding the... Read more »
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Being Prepared Is the Proven Way to Survive an AP Audit

One of those horrible words every AP manager hates to hear is “audit.” It means extra work and some young hotshot going through things with a fine-tooth comb, looking for something wrong. AP can be subject to government audits from the Internal Revenue Service and state revenue departments, and you may also undergo internal audits... Read more »
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Set a Policy to Foil Audit Confirmation Fraud

Did you know that audit confirmation letters pose a risk to your company if they are not handled properly? The Security and Exchange Commission (SEC), requires auditors to send out audit confirmation letters as part of the process of confirming an audited company’s sales and earnings. Such letters do not contain account numbers, banking information, or any... Read more »
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