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Audit Preparation: A Formula for High Return on Audit Investment

 
  Arthur F. Rothberg, Managing Director, CFO Edge, LLC  
   
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  Article Summary  
If your next audit were a stock you held, how would you characterize the return you’d like to see? You might say high RO(A)I—Return on Audit Investment—would include an accurate presentation that is in full compliance, completion in a timely manner, and fees that are fair and in line with expectations.

Unfortunately, many companies find themselves scurrying at the last minute to respond to auditor requests, as well as blindsided by findings and shocked by large fees at audit completion.

Faced with higher audit standards, more complex reporting requirements, and a mandate to do more with fewer resources, many companies are struggling to successfully address the three critical audit factors—preparation, documentation and collaboration—that contribute to better audit outcomes and can result in lower fees.

This article looks at these three areas with an eye to identifying processes and actions likely to improve audit efficiencies and help keep costs in line with expectations.

Whether audit preparation is done internally or externally, proactive audit preparation, documentation and collaboration mitigate risks imposed by audit complexities and time constraints, as well as better control audit fees, minimize business interruptions, and generate the highest return on audit investment

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