From the course: Preparing for an Audit
Join today to access over 22,600 courses taught by industry experts or purchase this course individually.
Value of performing an internal audit
From the course: Preparing for an Audit
Value of performing an internal audit
- Independent audits aren't free, they cost both money and time. This is why it's important to perform an internal audit if you can, before doing an independent audit. It will help uncover potential issues and can save you from wasting money on an audit that results in anything other than an unqualified audit opinion. There are four big values of performing an internal audit. First, you can uncover data issues. These can be quite sticky and if they're big enough problems during an independent audit, they could slow down the process. Uncovering them early in your own internal audit can help mitigate those risks. Another value performing internal audit is identifying control issues. If there are problems here they will be uncovered during an independent audit. So it's better to uncover them yourself first and then fix and change these things. And that's one of the biggest values of performing that internal audit, not just…
Practice while you learn with exercise files
Download the files the instructor uses to teach the course. Follow along and learn by watching, listening and practicing.
Download courses and learn on the go
Watch courses on your mobile device without an internet connection. Download courses using your iOS or Android LinkedIn Learning app.