In this article, we’ll look at seven types of audits you need to be prepared for, from financial audits to compliance audits. Why It MattersIn a study published by the Journal of Accountancy, financial audits were found to be the most commonly conducted audits worldwide. Why It MattersNon-compliance can lead to legal sanctions, including hefty fines and penalties, which might also trigger additional types of audits or regulatory scrutiny. Quality audits examine a company’s quality management systems. Being prepared for various types of audits is not just a regulatory requirement but a fiduciary responsibility to your stakeholders.

Source: Nigerian Tribune November 11, 2023 11:40 UTC