Learn from the Results

Learning from and going beyond the auditor’s report

After the audit has concluded and before you receive your auditor’s final report, your organization should reflect on the audit.

Ask and collect feedback from your audit team on:

How easy was it to generate the reports needed?
How easy was it for the auditor to access and retrieve information?
Do updates to the organization’s Policies and Procedures need to be made?

Your auditor may provide a draft audit report allowing for your finance team or the internal audit committee to ask questions about the auditors’ findings and review auditor recommendations. A final report will be presented to the board of directors and any recommendations for improvements or issues will be identified.

If your auditor has any issues, they will most commonly fall into two categories:

Material Internal Control Issues

Weaknesses in processes, systems, and procedures that put the organization at risk for errors, issues, and irregularities.

Operating Inefficiencies

Inefficient or unnecessary operating procedures may be identified with proposed improvements to help strengthen operations. The auditor will often include recommendations for organizations to implement new technologies that improve the organization's financial management and financial operations.