Industry perspectives on achieving audit readiness : hearing before the Panel on Defense Financial Management and Auditability Reform of the Committee on Armed Services, House of Representatives, One Hundred Twelfth Congress, first session, hearing held November 17, 2011.
Most university undergraduate and graduate audit classes are geared towards educating prospective auditors but do not provide education for those who will be audit clients and subjected to audits. Future audit clients need to be educated as well as future auditors to ensure that there is a level playing field. Those being audited do not receive the same level of formal education as internal auditors– most client education occurs during the audit itself. The client, once subjected to an audit and faced with the consequences of a failed audit, will learn via trial and error. If left unprepared, managers can suffer financial losses and promotional setbacks; the preparation and education that is needed to be audit ready is lacking. Of interest to accounting, finance or business students and entry-level practitioners, this book provides the audit education and preparation that has been missing. It shows how to interface with auditors, helping to identify issues, exposures and risks, and adequately position current and future managers to achieve successful audits. The book also provides mock audit simulation exercises to further prepare prospective audit clients.
The business practices in presentday involve a blend of essential and reasonable activities. Some business organisations assess their activities using different procedures for estimation and attempt to guarantee the best operational practices, but some find it hard to examine the quality of their output and the way to improve it. It occurs because of the lack of proper awareness regarding quality standards and a desire to improve (Khadka, 2017).