Common misconceptions about external audits


Depending on when your fiscal year-end is, your company may be enjoying a nice, quiet break from the external audit process. However, maintaining your relationship with your auditors throughout the year can help smooth out any hardships, including time constraints, during the year-end audit process.

Here are some common misconceptions about external audits and some helpful ways to combat such beliefs.

Misconception: Auditors are only here to find errors or fraud.

Employees may be reluctant to…

Previous Ask the Accountant: What are the most common business valuation mistakes and how can I avoid them?
Next 3 ways consumer fintech is informing B2B payments innovation