You're struggling with financial reporting efficiency. How can auditor feedback help you improve?

Once you get the feedback from the Auditors you highlight the specific areas mentioned in the audit. The feedback will help me correct the issues with errors so that I can avoid having similar issues in the future. Follow the process recommended from the audit and be more efficient in the process of reviewing the data collection.

I always look forward to my auditor's feedback (although painful sometimes) however this feedback can provide an opportunity for learning to take place. Last year, I debated a reporting standard with my auditor based on my understanding of our internal processes. That debate led to me researching the accounting standard including reviewing various interpretations of the same standard by the Big 4. I left that discussion better empowered and with more understanding of our internal policy. It is important though for auditors to come from a place of "humility" instead of the usual condescending approach of looking down on industry folks. At the end of the day, we all have something to learn from each other.

Effective financial reporting relies heavily on having robust internal controls. Auditors review these controls and can highlight issues such as weak documentation or lack of proper checks and balances. Improving these areas based on their feedback not only reduces errors and fraud but also makes your reporting process more consistent and reliable

Here’s a thought: consider creating a feedback loop with auditors where their insights are not just a one-time review but an ongoing conversation. For instance, after implementing their suggestions, you could regularly check in with them to see if the changes are effective or if further adjustments are needed. This continuous dialogue can help you stay ahead of potential issues and continually refine your processes. Another idea is to share success stories within your team about how addressing auditor feedback led to specific improvements. This not only motivates the team but also reinforces the value of using auditor insights to enhance financial reporting practices.