Improving audit standards
Our concern has been that the introduction of mandated auditing standards has not improved the standard of external or internal audit. The main problem being that inexperienced professional staff are still being sent on-site with inadequate expert audit supervision. The experienced lead auditor stays back in the office and manages the audit work remotely. The 3 C’s of expert audit judgment are creativity, confidence, and communication. Experts are capable of being more creative in modifying old decision strategies or in finding new strategies. Experts have confidence in their decision making ability. Their livelihood also depends on the ability to convince others of their expertise. We strongly believe that if experienced auditors were present on-site mentoring and training aspiring auditors this would be a more effective way of improving audit standards. These experienced auditors may also help identify creative solutions to improve general financial management.
We believe that our auditing skills and experience of numerous different organisations enables us to assess whether the challenges of declining markets or external funding and association membership are being addressed. A creativity audit is used to provide a sound assessment into a business or organisation’s “health” in terms of its creativity and innovation. The creativity audit is a fact-finding analysis, interpretation and reporting activity, which includes a study of strategy, structure and communication flow.