Business-mindedness helps you identify risks.
By Alan Anderson, CPA
Transforming Audit for the Future
I’ve previously described a task I have teams perform at the end of an audit. After everyone shares their insights about what they learned about that client and their operations, I ask everyone to complete this phrase:
“If I were running this business, I would ______________.”
MORE: Are You Using the Right Business Model? | Give Advice While Remaining Independent | The New Formula for an Accounting Business | Don’t Risk Losing Good Employees for Bad Clients | Four Questions to Make Your Firm More Successful as a Business | Say Adios to Audit Fee Pressure | Deliver More Audit Value by Getting Out of the Conference Room | Six Essential Elements in Audit Planning | Before the Audit: More Than Just Planning | Five Crucial Attributes for Successful Audit Leadership | Put the Ethics Code to Work for Your Clients and Your Firm | Is Audit in Crisis Because of Definitions?
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Here are a few of the ideas I’ve heard audit teams come up with in that exercise:
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