{"id":14597,"date":"2020-03-25T18:13:54","date_gmt":"2020-03-25T16:13:54","guid":{"rendered":"https:\/\/factorialhr.com\/blog\/?p=14597"},"modified":"2023-08-23T15:33:50","modified_gmt":"2023-08-23T13:33:50","slug":"company-audit","status":"publish","type":"post","link":"https:\/\/preproduction.factorialhr.com\/blog\/company-audit\/","title":{"rendered":"Hidden Factors Affecting Your Company Audit"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">We\u2019ve all heard about audits, and most of us have experienced them at some point or another, either on an individual or corporate level. They can be a nerve-wracking experience if you\u2019re not prepared, and there are several things that could go wrong. Let\u2019s try and address some of the questions that may come up for you as you put together your company audit.<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"><a href=\"#what\">What is a company audit and what is its purpose? <\/a><\/span><\/li>\n<li><a href=\"#types\">Are there different types of audits and what are their benefits? <\/a><\/li>\n<li><a href=\"#factors\">What external factors can influence the outcome of a business auditor report?<\/a><\/li>\n<li><a href=\"https:\/\/factorialhr.com\/templates\/download-free-hr-audit-checklist\">HR Audit Checklist &#8211; Free Template<\/a><\/li>\n<li><a href=\"https:\/\/factorialhr.com\/\">Human Resource Management Software \u2705<\/a><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\"><a name=\"what\"><\/a>What is a Company Audit?<\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">An audit is an inspection of an organization\u2019s accounts and\/or processes. The purpose of an audit is to ensure compliance, determine accuracy and safety, and catch any potential financial problems and errors. An effective company audit process helps companies stay organized and make better business decisions. Best of all, audits can help boost a business&#8217;s bottom line.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">An audit can be <\/span><b>internal or external<\/b><span style=\"font-weight: 400;\">, and it can apply to an entire company or a specific department. Audits are <\/span><b>used to measure risk<\/b><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/preproduction.factorialhr.com\/blog\/performance-appraisal-benefits-employees\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">assess performance<\/span><\/a><span style=\"font-weight: 400;\">, and detect areas requiring corrective measures.<\/span> <a href=\"https:\/\/preproduction.factorialhr.com\/blog\/checklist-hr-audit\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Phases of an audit<\/span><\/a><span style=\"font-weight: 400;\"> include planning and preparation, execution, reporting and follow-up.<\/span><\/p>\n<p><a href=\"https:\/\/factorialhr.com\/templates\/download-free-hr-audit-checklist\"><img decoding=\"async\" class=\"alignnone  wp-image-114865\" src=\"https:\/\/factorialhr.com\/wp-content\/uploads\/2019\/08\/23152335\/hr-audit-checklist-banner-300x103.png\" alt=\"hr-audit-checklist-download\" width=\"804\" height=\"276\" srcset=\"https:\/\/preproduction.factorialhr.com\/wp-content\/uploads\/2019\/08\/23152335\/hr-audit-checklist-banner-300x103.png 300w, https:\/\/preproduction.factorialhr.com\/wp-content\/uploads\/2019\/08\/23152335\/hr-audit-checklist-banner-1024x350.png 1024w, https:\/\/preproduction.factorialhr.com\/wp-content\/uploads\/2019\/08\/23152335\/hr-audit-checklist-banner-768x263.png 768w, https:\/\/preproduction.factorialhr.com\/wp-content\/uploads\/2019\/08\/23152335\/hr-audit-checklist-banner.png 1350w\" sizes=\"(max-width: 804px) 100vw, 804px\" \/><\/a><\/p>\n<h2><span style=\"font-weight: 400;\"><a name=\"types\"><\/a>Types of Company Audits<\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">When you hear the word audit, what comes to mind? Most people think of a financial audit, but this is just one of many different types of audits. There are tax audits, construction audits, and forensic audits, to name a few.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Audits can be <\/span><b>conducted on management systems<\/b><span style=\"font-weight: 400;\"> to verify and certify that elements of the system are appropriate and effective and meet specific requirements (such as an ISO 27001 audit). Audits can also be carried out <\/span><b>on a particular product or service<\/b><span style=\"font-weight: 400;\"> to evaluate whether it meets performance and safety standards. The third type of audit is<\/span><b> a process audit<\/b><span style=\"font-weight: 400;\"> that evaluates an operation or method against predetermined instructions or standards. The aim is to check compliance with defined requirements, examine the resources and process performance, and check the effectiveness of procedures, training and work instructions. The more audits performed, the more a company can measure the efficiency and effectiveness of internal processes and controls.<\/span><\/p>\n<h4 style=\"text-align: justify;\"><b>The most common types of audit are as follows:<\/b><\/h4>\n<ul>\n<li style=\"font-weight: 400; text-align: justify;\"><span style=\"font-weight: 400;\">A <\/span><b>financial audit<\/b><span style=\"font-weight: 400;\"> is an objective, independent inspection of accounts, statutory records, and documents in an organization to verify if records and statements are compliant and credible and if investor and client risk\/confidence should be increased or decreased<\/span><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400; text-align: justify;\"><span style=\"font-weight: 400;\">A <\/span><b>compliance audit<\/b><span style=\"font-weight: 400;\"> checks company internal policies and procedures to determine compliance with specific laws and regulations (such as a fire safety compliance audit or banking sector requirements)<\/span><\/li>\n<li style=\"font-weight: 400; text-align: justify;\"><span style=\"font-weight: 400;\">An <\/span><b>information systems audit<\/b><span style=\"font-weight: 400;\"> is an examination of management controls within a technological infrastructure. The audit obtains evidence to determine if systems are safeguarding assets and maintaining data integrity.<\/span><\/li>\n<li style=\"font-weight: 400; text-align: justify;\"><b>Operational audits<\/b><span style=\"font-weight: 400;\"> analyze company goals, processes, procedures and operational results to detect and develop business departments and areas requiring improvement.<\/span><\/li>\n<li style=\"font-weight: 400; text-align: justify;\"><span style=\"font-weight: 400;\">An<\/span> <a href=\"https:\/\/preproduction.factorialhr.com\/blog\/conducting-an-hr-audit\/\" target=\"_blank\" rel=\"noopener noreferrer\">H<span style=\"font-weight: 400;\">R audit<\/span><\/a><span style=\"font-weight: 400;\"> is a full review of all policies, procedures, documents and systems maintained by the human resources department. The aim is for a company auditor to gather recommendations for continuous improvement and increased performance. An internal HR audit should be included in the<\/span> <a href=\"https:\/\/preproduction.factorialhr.com\/blog\/annual-hr-plan\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">HR Plan<\/span><\/a><span style=\"font-weight: 400;\"> and undertaken fairly regularly to ensure reliable and efficient systems and processes. Automating your<\/span> <a href=\"https:\/\/preproduction.factorialhr.com\/blog\/hr-report-management\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">HR report management<\/span><\/a><span style=\"font-weight: 400;\"> system can also help you be better prepared for an audit.<br \/>\n<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\"><a name=\"factors\"><\/a>What Factors Influence an Audit?<\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Aside from the quality of the files and records being inspected, there are a number of physical, emotional and environmental factors that could influence the outcome of a company audit. <\/span><b>These influences can all have an effect on the quality of a company audit report<\/b><span style=\"font-weight: 400;\"> and have great repercussions on the viability and reputation of an organization in the face of clients and investors.<\/span><\/p>\n<p><span id=\"hs-cta-wrapper-2493a455-07a7-4965-9faf-ec449b8bbc5b\" class=\"hs-cta-wrapper\"><script charset=\"utf-8\" src=\"https:\/\/js.hscta.net\/cta\/current.js\"><\/script><script type=\"text\/javascript\"> hbspt.cta.load(4960096, '2493a455-07a7-4965-9faf-ec449b8bbc5b', {\"region\":\"na1\"}); <\/script><\/span><!-- end HubSpot Call-to-Action Code --><\/p>\n<h4 style=\"text-align: justify;\"><strong>Physical factors:<\/strong><\/h4>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Company size, infrastructure (administrative, technical, organizational, etc.) and dependence on financial markets.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A company\u2019s internal control system and the reliability of inspected documentation.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The size of the audit firm. Larger audit firms are less likely to compromise their integrity and more likely to enforce strict compliance.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Whether the company\u2019s organizational structure in terms of authority, responsibility and lines of reporting meets the desired objectives.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Geography. Compliance varies depending on the country, including laws, profession behavioral codes, and standards of relevant international accounting.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Auditor qualifications, proficiency and knowledge of auditing standards.<\/span><\/li>\n<\/ul>\n<h4 style=\"text-align: justify;\"><strong>Emotional factors:<\/strong><\/h4>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/preproduction.factorialhr.com\/blog\/emotional-salary-employee-happiness\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">emotional wellbeing of employees<\/span><\/a><span style=\"font-weight: 400;\">. Employees that experience stress due to time or budget restraints, may contribute as a negative influence on audit quality. The emotional wellbeing of internal auditors can also have an influence on bias.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The neutrality and independence of auditors. Auditor judgment is at times impaired by time budget pressure and client incentive pressure. Auditors are more likely to make more conservative judgments when they experience less pressure.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Auditors often consider an organization less of a risk if employees like their workplace. And, more of a risk if employees complain about workplace dysfunction.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Employees\u2019 moods and emotions can affect performance, decision making, and leadership in a company preparing for an audit.<\/span><\/li>\n<\/ul>\n<h4 style=\"text-align: justify;\"><strong>Environmental factors:<\/strong><\/h4>\n<ul>\n<li style=\"font-weight: 400; text-align: justify;\"><span style=\"font-weight: 400;\">Communication issues between the auditor and client can pose a problem.<\/span><\/li>\n<li style=\"font-weight: 400; text-align: justify;\"><span style=\"font-weight: 400;\">Internal control systems. How prepared a company is for an audit and what quality control measures it already has in place.<\/span><\/li>\n<li style=\"font-weight: 400; text-align: justify;\"><span style=\"font-weight: 400;\">The experience, education, skills, and competence of an auditor may influence the quality of a report.<\/span><\/li>\n<li style=\"font-weight: 400; text-align: justify;\"><span style=\"font-weight: 400;\">The culture in an organization. The values and ethics of an organization can have an effect on the level of compliance in a company.<\/span><\/li>\n<li style=\"font-weight: 400; text-align: justify;\"><span style=\"font-weight: 400;\">The auditor\u2019s attitude under pressure can affect judgment, as can working conditions.<\/span><\/li>\n<li style=\"font-weight: 400; text-align: justify;\"><span style=\"font-weight: 400;\">Employees in a negative workplace environment are less likely to be productive, efficient, and involved in the auditing process.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400; text-align: justify;\"><span style=\"font-weight: 400;\">Auditors often perform more procedures and increase audit coverage of companies with a poor workplace environment, also deemed as risky companies.<\/span><\/li>\n<\/ul>\n<p><span id=\"hs-cta-wrapper-2493a455-07a7-4965-9faf-ec449b8bbc5b\" class=\"hs-cta-wrapper\"><span id=\"hs-cta-2493a455-07a7-4965-9faf-ec449b8bbc5b\" class=\"hs-cta-node hs-cta-2493a455-07a7-4965-9faf-ec449b8bbc5b\"><a href=\"https:\/\/cta-redirect.hubspot.com\/cta\/redirect\/4960096\/2493a455-07a7-4965-9faf-ec449b8bbc5b\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" id=\"hs-cta-img-2493a455-07a7-4965-9faf-ec449b8bbc5b\" class=\"hs-cta-img aligncenter\" style=\"border-width: 0px;\" src=\"https:\/\/no-cache.hubspot.com\/cta\/default\/4960096\/2493a455-07a7-4965-9faf-ec449b8bbc5b.png\" alt=\"New call-to-action\" width=\"900\" height=\"308\" \/><\/a><\/span><\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Correctly Prepare<\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Aside from the compliance requirements of an external audit, an<\/span><b> internal audit<\/b><span style=\"font-weight: 400;\"> can be a useful tool for making improvements to processes and internal controls. It is important to do an audit regularly to understand all aspects of the business and catch any potential issues as early as possible. A good<\/span> <a href=\"https:\/\/preproduction.factorialhr.com\/blog\/checklist-hr-audit\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">audit checklist<\/span><\/a><span style=\"font-weight: 400;\"> can also go a long way.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The more measures and controls an organization has in place to guarantee the integrity and reliability of documented records, the easier the company audit will be. In addition, companies with more confidence and preparation are less affected by any potential influences. Whether they be physical, emotional or environmental influences, like those we&#8217;ve discussed above. Instead, they can focus on continuous improvement to promote the added value of their product or service.<\/span><\/p>\n<p><em>Written by\u00a0<\/em>Cat Symonds;\u00a0<em>Edited by<\/em>\u00a0Tanya Lesiuk<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We\u2019ve all heard about audits, and most of us have experienced them at some point or another, either on an individual or corporate level. They can be a nerve-wracking experience if you\u2019re not prepared, and there are several things that could go wrong. Let\u2019s try and address some of the questions that may come up<a href=\"https:\/\/preproduction.factorialhr.com\/blog\/company-audit\/\" class=\"read-more\"> [&#8230;]<\/a><\/p>\n","protected":false},"author":136,"featured_media":48118,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[347],"tags":[],"class_list":["post-14597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-people-management"],"acf":{"topics":"core"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.5 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hidden Factors Affecting Your Company Audit | Factorial<\/title>\n<meta name=\"description\" content=\"A company audit can be a stressful time. 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