Let’s talk about the word “audit,” baby!

I’d like to speak to my management colleagues for a few minutes about the word “audit.”

First of all, if the word “audit” doesn’t give you a sour lemon face, that’s awesome. But, for many folks, the word “audit” as in “the audit team is coming to audit us” can be really scary.

Seriously, there is so much that you can worry about, for example:

• Why did they pick me to audit?

• Did I do something wrong?

• Isn’t it their job to find things wrong?

• Will they be aggressive?

• Will they take up all of my department’s time?

• How will I close the books / process transactions / keep the systems running / (insert other day-to-day responsibility here) while they are in my face?

• Will they write bad things and make me look bad to my bosses?

• Will they require me to do things that I will never get the budget to do?

• How will I find the time to fix whatever they say is broken?

• What are they looking for?

• Why do they need that thing they just asked me for?

• What if I don’t have what they asked me for?

• ARE THEY OUT TO GET ME?!...

If this sounds like what goes through your head when you hear the word “audit” I want you to relax and take a deep breath, because I am going to help you.

I have over a quarter of a century of experience in all sides of audit, controls, and risk management, from performing audits as external or internal audit, through responding to audit findings and implementing controls as part of management. I also don’t like seeing people stressed out unnecessarily, myself included.

As I continue to build my advisory firm, Melody Advisory Services, one of my goals is to try to alleviate the pain that comes with audits, from all sides (there’s that dislike of stress again). I believe that there is often a fundamental conflict between management and the auditors, mainly due to lack of trust and understanding on both sides. A good marriage counselor is necessary, and I would like to try to fill that role, even though my degrees are in things like Accounting and Enterprise Risk Management, and not Psychology.

Regardless, I have a passion for what I do; I love helping people untangle business turmoil, such as that which comes with the word “audit.” In fact, that's what I want to do when I grow up.

Going back to the “audit” concerns, while I could give you a “List of the Top 5 Things to Help You Get Through an Audit!” and then make a fancy slideshow that is mainly an excuse to show ads, the truth is that every audit and every organization are nuanced. A bespoke touch is what is really going to smooth the process.

My suggestion is to engage someone or hire someone to help you smooth this process. You need someone that offers audit liaison and remediation services.

Look for someone who can do the following:

• They should understand the requirements and motivations of all parties in the audit process, which is most likely if they have held all of those roles (coincidence again!).

• Educate you on the audit process and motivations. They should be able to tell you why the auditors requested that particular document and what happens if you don't have it.

• Provide strategic guidance on handling audit inquiries. They can help you answer the auditors’ questions so that the auditors can easily get what they need (read: get out of your hair as soon as possible).

• Help you respond to audit findings by identifying reasonable and effective action plans that mitigate risk and that are acceptable to the auditors. They should be able to help you design solutions that not only mitigate the identified risk, but that you can actually get the budget for.

• Help you implement the identified action plans. This is actually the most difficult part, because there are so many times when the best action plans are made, but never implemented due to lack of resources, lack of prioritization, etc. But, know that the auditors are going to follow up on audit findings, so you need to be prepared with some kind of status.

Your service provider or employee should help ensure that the organization gets tangible value from the audit process, which is what it is designed to do in the first place. At the end of the day, everyone wants the same thing: an organization with a risk level that is set appropriately to maximize success.

Melody Advisory Services offers exactly this kind of bespoke solution to your audit challenges.

Sorry, the “shameless plug” button got stuck for a sec. What I mean to say is that audits can provide a LOT of value, if you are able to take full advantage of them. Having the right support can alleviate much of the stress and allow you to get tangible value from the process.

And don’t worry, I will be addressing the auditors as well. They need to work on their side of this marriage, too! Reach out directly to me here if you’re ready for support.

#MelodyAdvisoryServices #Audit #RiskManagement #BusinessAdvisory #ProcessImprovement #AuditLiaison #AuditRemediation