Standardizing analytical procedures to bolster audit compliance, efficiency
By Michael Sferratore, Vice President of ProfitCents
Download a Guide to Audit & Review Best Practices and Pain Points
In other words, a reduction in the time it takes to calculate the rote statistical part of the process will allow for more time and research into other components that can make the difference between a good audit/review and a bad one. For example, more time can be devoted to interviewing management to understand how financial and economic conditions are changing the company. Or time can be used for performing industry research or evaluating trends.