Myths that we often hear about auditing

Have you ever heard one of these things about auditing? Well, we’re here to prove them wrong…

Auditing has been around for a long time. And when we say a long time, we mean Egyptian times. However, there are still some things people don’t really understand about auditing.

People often confuse auditors with accountants or consultants. Of course these two professions have to do with the auditing world, but the truth is that auditors are much more that people who do taxes and give legal advice.

We want to eradicate those common misconceptions about auditing. so we will list some of the most popular myths we often hear and prove them wrong:

Myth #1: “Auditors are like devil’s advocates”

Of course, auditors point out risks and deficiencies inside companies. But they also identify areas of opportunity and give a series of recommendations that can improve those areas. The best thing about auditors is that they don’t just give you tips on how to get better, but they monitor implementations to optimize strategies.

Myth #2: “Auditors are old-fashioned”

Contrary to what you may believe, auditors are actually trying out new technologies to improve processes. Paper, pen, and calculators are being replaced with drones, artificial intelligence and machine learning.

Myth #3: “Eventually, machines will do the auditor’s job”

Although technology and innovation are part of auditing, this is just a matter of automation. Machines lack judgment and subjectivity, so humans will always be required when it comes to auditing.

Myth #4: “Only accountants can be auditors”

Sure, a lot of accountants become auditors throughout their careers. But people from business, law, and finance can also perform an auditor’s tasks. This is because their vast experience in critical analysis.

Myth #5: “You should only do audits when an authority demands it”

It’s true. Voluntary audits are not required by law. But they sure can do a lot of good for your company. When an organization opts for an internal, IT or social security audit, they become compliant, save money and become more profitable.

Want to do an external or internal audit? Call us, we can make it happen. Let our experts find more value in your business.

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