An audit is an objective examination and evaluation of your company’s financial statements to make sure that the records are a fair and accurate representation of their business transactions. Audits can be performed internally by employees of the organization, or externally by an outside firm. Audits, public or private, can be stressful for not only the finance and accounting team but the organization as a whole, as time and resources are diverted from daily tasks and routines.
The audit process is painful enough as it is, but are you making it harder on yourself? If your organization is still using a paper-based accounts payable process, you may be doing just that! In today’s blog, we’ll look at the stages of the audit process and how an audit, public or private, can be made more manageable and less stressful by utilizing an accounts payable (AP) automation solution.
The Office of Internal Audit at Iowa State University says the audit process typically consists of four stages:
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