The Big Takeaway
An audit finding isn’t necessarily a sign that something went wrong. Think of it as an opportunity to spot a risk early and make a good process even stronger.
Remember:
- Even well-run organizations receive audit findings.
- A finding identifies a gap between what should be happening and what can be demonstrated.
- Documentation matters. The work may be completed correctly, but auditors still need evidence that required reviews and controls occurred.
- Some fixes are surprisingly simple, such as adding a supervisor’s sign-off to a bank reconciliation.
- The goal is improvement—not blame. Instead of asking, “Who made a mistake?” ask, “Why did this happen, and what can we learn from it?”
- It’s better to identify a weakness during an audit than after it leads to fraud, noncompliance, financial loss, or public scrutiny.
Bottom line
An audit finding isn’t a failure. It’s an opportunity to reduce risk, strengthen your processes, and demonstrate your organization’s commitment to getting better.
Up Next: Not All Audit Findings Are Created Equal
What type of audit finding did your organization receive—and what does it actually mean? Keep an eye out for the next video as Ryan explains the different types of audit findings and how they differ.
Have Questions About an Audit Finding?
If your organization received an audit finding—or you want to strengthen your processes before the next audit—the LSL team is here to help. Contact us today!
