According to a new survey, financial statement audits are not just a compliance exercise, but an opportunity to gain knowledge that can generate positive business results. A survey of 300 executives and 100 audit committee members by Deloitte’s U.S. audit practice revealed the following:
- More than three-fourths (79%) of executives and 91% of audit committee members say financial statement audits identify opportunities to improve business performance.
- Almost half (46%) of executives and even more audit committee members (62%) say it’s at least somewhat likely that they would have missed important insights if the audit had not occurred.
- Companies that regularly capitalize on information received from the audit are more likely to have achieved growth over the past three to five years that survey respondents consider “good” or “great.”
Through audits, companies can learn new information about their industry and market, discover shortcomings in processes and policies, and identify inefficiencies and risks. These insights can provide important information for companies to act upon, which significantly increases the value of the audit. For more information on this please contact Nancy DiSalvo at email@example.com or 407-998-9000