Getting the most out of a financial statement audit

Undergoing an audit provides a certificate of transparency that strengthens a company's relationship with rating agencies, financial institutions, and investors. But an audit is more than a certificate. The manager who knows the ins and outs of the audit process can get more out of an auditor's experience and knowledge of industry best practices as well as accounting and tax regulations. For example, auditing can help managers identify significant business and fraud risks, optimize the management of their business procedures, accelerate and monitor the effectiveness of the internal audit department, etc. A 2018 Wakefield Research survey of 300 CEOs and CFOs and 100 audit committees indicates that the vast majority of respondents believe that the content of audit work-not merely the report-is useful to businesses.