Preparing for an Audit

Preparing for an Audit

27mBeginner2021-04-28

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

Corporate FinanceFinance and AccountingOne-Off

Concepts

Overview

  • Preparing for an independent audit

The Big Picture

  • The big picture of an audit
  • Value of performing an internal audit
  • Paperwork and mechanics of preparation
  • Preparing the office for the audit team

Laying the Groundwork

  • Keeping track of laws and regulations
  • Learning from mistakes
  • What's new and different
  • Pulling together the data you need

The People in the Project

  • Project management priorities
  • The team - Assigning roles
  • The importance of being there

Preparing, Adapting, and Reviewing

  • Audit opinions
  • Reviewing the audit preparation and audit decision results
  • Adapting as necessary

Conclusion

  • Key takeaways and further learning