Falling asset prices.
Complete market standstill.
Ring any bells?
You remember, as clearly as I do, the economic disaster of 2008. A global financial crisis; what could have caused such an economic catastrophe?
One hypothesis: Financial audit failures.
As concluded by the Financial Crises Inquiry Commission (FCIC), financial audit failures were found to have played a significant part in the financial crash.
Just like the FCIC, we at Process Street understand the importance of standards enforced by financial audit processes.
This article has been structured into two sections. The first section looks at the financial audit. The second section considers the International Standards on Auditing (ISA).
The ISA standards are a specific set of rules that operate globally.
Here’s a more thorough breakdown:
- The financial audit: What are financial audits?
- The financial audit: What are the International Standards on Auditing (ISA)?
- The financial audit: The benefits of International Standards on Auditing (ISA)
- How you can use Process Street to help with your external auditing processes
- ISA audit checklist
In the last section of this article, you will get your hands on our nifty ISA audit checklist for free.
You can use this template to conduct an internal check on your finances audits against the International Standards on Auditing. This checklist will save your organization a heap of time, worry, and money.