All too often we here the sentence:
"The auditors never see anything"
"When the auditors come, we give them some errors to keep them happy"
This situation could be the good one, if you don't want the auditors to take up too much of your time. However, auditors can also be there to help you to improve the performance of your business and to help you to avoid any personal risk, such as fines or imprisonment due to staff doing corrupt activities.
As a CEO or CFO you know that managing risk is essential. But you might not believe that your auditors have what it takes to assist you in managing risk.
Today, there are tools on the market that make it possible for all auditors to be able to carry out their work using data analytics. This means that the auditors can now review 100% of your business transactions for fraud indicators, errors, transactions that do not comply with internal controls, etc.
You can even help the auditors to do this by setting up those automated internal controls yourself and giving the auditors access to the results. In this way, auditors can spend their time analyzing exceptions, rather than trying to find exceptions.
How much more effecient would that make them? And how much more useful and interesting would the final meeting with the auditors then become?
Furthermore, you will be able to sleep at night, knowing that you have all of the proof and transparency necessary to avoid any heavy fines or imprisonment due to a review from the SEC (FCPA compliance) or from the UK (UKBA compliance).