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Audit and Due Diligence: Priorities and Best Practices

Audit and Due Diligence: Priorities and Best Practices

25mIntermediate2021-05-17

Authors

Jason Schenker

Jason Schenker

Economist, Finance Expert, Futurist, Speaker, and Author

Course details

The success of an audit is measured solely by the opinion of an independent auditor. But preparing the paperwork, people, and processes to support an audit is also crucial to ensure it runs smoothly. In this course, financial expert Jason Schenker explains how preparation, transparency, project management, communication, and feedback integration are critical elements of audit success. He introduces a big picture view of an independent audit, the laws and regulations governing the process, and that data you need to gather to make sure everything runs smoothly. Company leaders and staff alike can use this course to understand the value of the audit, the information that is important to share, the roles people play in the process, and what to do with auditor feedback once the audit is complete.

Skills covered

Operations ManagementBusiness AnalyticsProject ManagementData ScienceBusiness Analysis and StrategyOne-Off

Concepts

Overview

  • 01 - Avoiding pitfalls and implementing strategies
  • 02 - Goal of an audit and due diligence

1. Priorities

  • 03 - Rocks and sand - Completeness
  • 04 - Accuracy with teams
  • 05 - Independence
  • 06 - Guidelines and standards

2. Pitfalls

  • 07 - Copyright and IP disputes
  • 08 - Legal issues
  • 09 - Wasting assets
  • 10 - Lack of expertise - Dunning-Kruger effect

3. Best Practices

  • 11 - Project management
  • 12 - Checklists
  • 13 - Version control
  • 14 - Interview priorities
  • 15 - Boots on the ground and technology
  • 16 - Using technology
  • 17 - Leveraging experts
  • 18 - Knowing your limits
  • 19 - Open communication

Conclusion

  • 20 - Next steps

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