From the course: Preparing for an Audit
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Learning from mistakes
- Before implementing an independent audit, it's important to look at the past to make sure you are prepared for the audit ahead. This includes reviewing any past audits and evaluating any auditor notes that may exist which can occur with an unqualified audit opinion and reviewing if there are any qualified or adverse audit opinions, as well as any other feedback and learnings from past independent audits. If it's your first independent audit, you're probably going to learn a lot in the process and making sure there's an audit committee to oversee the process will be helpful. But if this independent audit isn't your first rodeo, make sure that you show up prepared and that you've taken feedback from past audits into account so that you increase the chance of receiving that unqualified audit opinion.
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