Ensuring a High Quality Audit: Who is Responsible? Five Ideas for Audit Committees to Maximize Value from the External Audit Process. Issue 6 (2nd June 2016)

• Record Type: Journal Article
• Authors: Kral, Ronald
• Is Part Of: EDPACS. Volume 53:Issue 6(2016)
• Page Start: 5
• Page End: 12
• Publication Date: 2016-06-02
• Subjects: Electronic data processing -- Auditing -- Periodicals; Computers -- Access control -- Periodicals; Electronic data processing departments -- Security measures -- Periodicals; 005.8
• DOI: 10.1080/07366981.2016.1180101
• Languages: English
• ISSNs: 0736-6981

Abstract

Abstract: External audits are expensive, especially when you factor in a company's time in responding to audit requests. While some companies may treat the audit opinion as a commodity, there are risks and opportunities within the audit process that should be considered. This article begins with some regulatory concerns and concludes with ideas in ensuring a healthy external audit process to maximize shareholder value. Specifically, five ideas are offered to audit committees and chief financial officers for extracting additional value from the external audit process. These ideas are grounded in practical applications to increase a company's return on investment.