Audit Findings and Key Risk Indicator ERP Fitness Test (Publication Date: 2024/03)


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Discover Insights, Make Informed Decisions, and Stay Ahead of the Curve:

  • Have you been inappropriately pressured to alter or re prioritize findings from your work?
  • What to do if your auditor presents a report with findings requiring a corrective action plan?
  • Does senior management respond in a timely and appropriate manner to internal audit findings?
  • Key Features:

    • Comprehensive set of 1552 prioritized Audit Findings requirements.
    • Extensive coverage of 183 Audit Findings topic scopes.
    • In-depth analysis of 183 Audit Findings step-by-step solutions, benefits, BHAGs.
    • Detailed examination of 183 Audit Findings case studies and use cases.

    • Digital download upon purchase.
    • Enjoy lifetime document updates included with your purchase.
    • Benefit from a fully editable and customizable Excel format.
    • Trusted and utilized by over 10,000 organizations.

    • Covering: Control Environment, Cost Control, Hub Network, Continual Improvement, Auditing Capabilities, Performance Analysis, Project Risk Management, Change Initiatives, Omnichannel Model, Regulatory Changes, Risk Intelligence, Operations Risk, Quality Control, Process KPIs, Inherent Risk, Digital Transformation, ESG Risks, Environmental Risks, Production Hubs, Process Improvement, Talent Management, Problem Solution Fit, Meaningful Innovation, Continuous Auditing, Compliance Deficiencies, Vendor Screening, Performance Measurement, Organizational Objectives, Product Development, Treat Brand, Business Process Redesign, Incident Response, Risk Registers, Operational Risk Management, Process Effectiveness, Crisis Communication, Asset Control, Market forecasting, Third Party Risk, Omnichannel System, Risk Profiling, Risk Assessment, Organic Revenue, Price Pack, Focus Strategy, Business Rules Rule Management, Pricing Actions, Risk Performance Indicators, Detailed Strategies, Credit Risk, Scorecard Indicator, Quality Inspection, Crisis Management, Regulatory Requirements, Information Systems, Mitigation Strategies, Resilience Planning, Channel Risks, Risk Governance, Supply Chain Risks, Compliance Risk, Risk Management Reporting, Operational Efficiency, Risk Repository, Data Backed, Risk Landscape, Price Realization, Risk Mitigation, Portfolio Risk, Data Quality, Cost Benefit Analysis, Innovation Center, Market Development, Team Members, COSO, Business Interruption, Grocery Stores, Risk Response Planning, Key Result Indicators, Risk Management, Marketing Risks, Supply Chain Resilience, Disaster Preparedness, Key Risk Indicator, Insurance Evaluation, Existing Hubs, Compliance Management, Performance Monitoring, Efficient Frontier, Strategic Planning, Risk Appetite, Emerging Risks, Risk Culture, Risk Information System, Cybersecurity Threats, Dashboards Reporting, Vendor Financing, Fraud Risks, Credit Ratings, Privacy Regulations, Economic Volatility, Market Volatility, Vendor Management, Sustainability Risks, Risk Dashboard, Internal Controls, Financial Risk, Continued Focus, Organic Structure, Financial Reporting, Price Increases, Fraud Risk Management, Cyber Risk, Macro Environment, Compliance failures, Human Error, Disaster Recovery, Monitoring Industry Trends, Discretionary Spending, Governance risk indicators, Strategy Delivered, Compliance Challenges, Reputation Management, Key Performance Indicator, Streaming Services, Board Composition, Organizational Structure, Consistency In Reporting, Loyalty Program, Credit Exposure, Enhanced Visibility, Audit Findings, Enterprise Risk Management, Business Continuity, Metrics Dashboard, Loss reserves, Manage Labor, Performance Targets, Technology Risk, Data Management, Technology Regulation, Job Board, Organizational Culture, Third Party Relationships, Omnichannel Delivered, Threat Intelligence, Business Strategy, Portfolio Performance, Inventory Forecasting, Vendor Risk Management, Leading With Impact, Investment Risk, Legal And Ethical Risks, Expected Cash Flows, Board Oversight, Non Compliance Risks, Quality Assurance, Business Forecasting, New Hubs, Internal Audits, Grow Points, Strategic Partnerships, Security Architecture, Emerging Technologies, Geopolitical Risks, Risk Communication, Compliance Programs, Fraud Prevention, Reputation Risk, Governance Structure, Change Approval Board, IT Staffing, Consumer Demand, Customer Loyalty, Omnichannel Strategy, Strategic Risk, Data Privacy, Different Channels, Business Continuity Planning, Competitive Landscape, DFD Model, Information Security, Optimization Program

    Audit Findings Assessment ERP Fitness Test – Utilization, Solutions, Advantages, BHAG (Big Hairy Audacious Goal):

    Audit Findings

    Audit findings refer to the results of an internal or external examination of a company′s financial records, processes, and controls. This question asks if there has been any pressure to change the findings in order to manipulate the results.

    • Solution: Implement anonymous reporting system for audit findings.
    -Benefit: Encourages honest and accurate reporting without fear of repercussions.

    • Solution: Create an independent review process for audit findings.
    -Benefit: Provides checks and balances to ensure accuracy and objectivity of findings.

    • Solution: Establish clear escalation protocol for potential pressure or interference with audit findings.
    -Benefit: Allows for prompt and appropriate action to address any issues.

    • Solution: Conduct ongoing training on ethical behavior and independence for auditors.
    -Benefit: Reinforces the importance of ethical conduct and maintaining objectivity in audits.

    • Solution: Establish a code of conduct for internal and external stakeholders involved in audits.
    -Benefit: Sets expectations for professional and ethical behavior from all parties involved.

    • Solution: Utilize technology to track changes and modifications to audit findings.
    -Benefit: Provides a clear audit trail and accountability for any alterations made to findings.

    • Solution: Engage an external auditor for critical areas to ensure independence and objectivity.
    -Benefit: Offers an unbiased perspective and reduces the potential for internal pressure or influence.

    CONTROL QUESTION: Have you been inappropriately pressured to alter or re prioritize findings from the work?

    Big Hairy Audacious Goal (BHAG) for 10 years from now:

    By the year 2030, our organization will have completely eradicated any form of pressure or influence that would compromise the integrity and objectivity of our audit findings. We will have truly established ourselves as a leader in the industry where our findings are valued for their accuracy and unbiased nature. Our team will be highly trained and equipped to recognize and resist any attempts to alter or re-prioritize our findings, and we will have implemented rigorous checks and balances to ensure the validity of our reports. We will have set an example for ethical practices in the auditing profession, and our clients will trust us to provide them with reliable and truthful information. This achievement will solidify our reputation and position us as the go-to choice for companies seeking the most thorough and trustworthy audits.

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    Audit Findings Case Study/Use Case example – How to use:

    Client Situation:

    The client, a medium-sized manufacturing company, had recently undergone an external audit to assess their financial statements. The company had been struggling with declining profit margins and had received a warning from their lenders about potential default on loan covenants. As a result, there was immense pressure on the management team to improve the financial health of the organization and meet the expectations of both shareholders and creditors.

    Consulting Methodology:

    Our consulting firm was engaged to conduct an audit of the company′s financial statements and operations. Our approach was to conduct a comprehensive review of the company′s financial records and internal controls, including interviews with key personnel, and testing of financial transactions and processes. We also assessed the company′s risk management practices and evaluated the adequacy of their financial reporting framework.


    Based on our findings, we produced a detailed audit report that identified several significant issues. These included weak internal controls, incomplete or inaccurate financial records, and potential misstatements in the financial statements. Additionally, we highlighted instances where the management had made decisions that were not in the best interest of the company.

    Implementation Challenges:

    During the audit, we encountered several challenges that hindered our progress. The most significant obstacle was the pressure exerted by the company′s management to alter or re-prioritize our findings. They argued that disclosing certain issues would have a negative impact on the company′s reputation and stock price. Furthermore, they offered to provide us with additional compensation if we modified our report to present a more favorable picture of the company.


    The effectiveness of our audit was determined by several key performance indicators (KPIs). These included the accuracy and completeness of our findings, ensuring our audit processes complied with relevant standards and regulations, and whether we were able to provide an unbiased evaluation of the company′s financial statements and internal controls.

    Management Considerations:

    As auditors, we are bound by professional ethics and independence standards, and it is our responsibility to provide a fair and accurate evaluation of the company. The pressure to alter our findings posed a significant dilemma for our team, as we did not want to jeopardize our professional integrity but also did not want to harm the client′s interests.


    According to a study by the Public Company Accounting Oversight Board (PCAOB), more than half of the auditors surveyed reported experiencing pressure from management to modify their findings (PCAOB, 2016). This highlights a prevalent issue in the auditing profession and emphasizes the need for auditors to maintain independence and objectivity.

    In the case of our client, their actions can be attributed to the phenomenon of tone at the top. This refers to the culture and expectations set by top management that can influence the behavior and decisions of lower-level employees (Rittenberg et al., 2015). In this case, the management′s focus on meeting short-term financial goals may have led them to prioritize their reputation over the accuracy of their financial statements.

    Furthermore, research has shown that companies that engage in earnings management and manipulate their financial statements are more likely to face financial distress in the long run (Ge and Li, 2013). Therefore, it is crucial for auditors to identify and report any instances of financial misrepresentation, as it can have severe consequences for the company′s future.


    In conclusion, our audit findings were not altered, and we presented an unbiased report to the company. Our recommendations for improving internal controls and financial reporting were implemented, resulting in an improvement in the company′s financial health and compliance with loan covenants. This case study highlights the importance of auditors maintaining independence and the challenges they may face when conducting audits for clients under pressure to achieve certain financial goals. As consultants, it is our responsibility to adhere to professional ethics and standards, and always prioritize the best interest of our clients and the stakeholders.

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