Anytime a 3rd party examines a report, process, company, or department, that entity has conducted an audit. One of the most common audit types is the financial audit, where a CPA firm reviews information in a company’s financial statements. Outside of a financial audit, companies can undergo several types, some of which are industry specific.
Those working in education or other regulated industries might regularly experience a compliance audit. The audit ensures the organization is remaining compliant with applicable standards for its industry.
This audit examines IT systems and software, data security, and computer systems. It ensures that IT systems remain protected against hackers while also providing the right information to permitted users.
A workplace audit focuses on HR processes—recruiting, interviewing, hiring, onboarding, and more. The audit reviews compliance with employment laws through each of these processes.
No matter what type of audit your business is preparing for, it’s better to collect all the necessary information throughout the year rather than leaving the prep work for the last minute. Here are a few tips to ensure your business is ready for its next audit:
The greater insight and understanding you can gather throughout the year about an upcoming audit, the less surprises you’ll likely encounter during the audit itself. When you do the leg work up front, it’ll be smooth sailing when crunch time comes.
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