The audit is an essential process for every business. The audit report assesses whether the company’s financial statements are true and fair. The report is given to shareholders to improve the company’s systems and credibility. An audit can improve business growth and restore shareholder trust in the company. Usually, the audit is performed by an independent body to reduce the risk of corruption.

An audit is a statutory requirement if you meet certain criteria. For example, your company has an annual turnover of more than £10.2 million and assets of more than £5.1million. Check out the requirements online and schedule an audit if you meet two or more.

Here are a few essential audit skills every company should practice.

Communication

Communication is a core part of any business. You need to be able to communicate as a team and voice your concerns when necessary. You should articulate your points clearly and as constructively as possible. You need to identify any issues within the audit and explain your points thoroughly. An audit should aim to improve the company – not tear it down.

Emotional intelligence

Business finance can be somewhat of a trigger point for many owners. They might feel frustrated with their finances or anxious about their disorganised financial records. An auditor should be sensitive to these factors and take into account the bigger picture. Constructive criticism can help businesses to strengthen their weaker areas.

Critical thinking

You need to analyse and evaluate the information present. You need to produce actionable insights and clearly outline them for your client. Ask smart questions that help you to delve deeper into the company and their processes. You can only learn so much from a piece of paper. You need to talk to people and explore the ins and outs of the organisation.

Interpersonal skills

You will be working with people and critiquing their business. You need exceptional people skills to deliver an audit constructively and sensitively. You should understand the client’s perspective and respect their views. Listening is a huge part of an auditor’s job, and you need to practise active listening. Understand, process and respond to what someone tells you. Combine your skills Combining all of these skills together is a skill in itself. You need to develop these skills to become a fantastic auditor. You can’t have high-level communication and critical thinking skills but fall on emotional intelligence. You need to combine every skill to produce a fair, accurate and constructive audit. It takes time to develop these skills and put them into practice.   An audit can help a company to grow and flourish over time. Remember to respect your client’s perspective and utilise all of your skills.

Combine your skills

Combining all of these skills together is a skill in itself. You need to develop these skills to become a fantastic auditor. You can’t have high-level communication and critical thinking skills but fall on emotional intelligence. You need to combine every skill to produce a fair, accurate and constructive audit. It takes time to develop these skills and put them into practice.

An audit can help a company to grow and flourish over time. Remember to respect your client’s perspective and utilise all of your skills.