SkyStem Shares Best Practices for an Efficient and High Value Audit

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SkyStem Shares Best Practices for an Efficient and High Value Audit

By CFO Tech Outlook | Tuesday, August 25, 2020

SkyStem’s Head of Sales, Nancy Wu featured on FMStv, where she discusses best practices for an efficient and high value audit experience.

"When we rise above the mechanics of controls and documentation, then we can start leveraging our auditors for higher value insight, such as benchmarking or process improvement recommendations.”

NEW YORK - SkyStem LLC, a leading provider of automated month-end close and account reconciliation software, is pleased to announce its third feature on FMStv. In this episode, SkyStem’s Head of Sales, Nancy Wu, reviews the rules of enabling a smooth and effortless audit. Being audit-ready is the goal. In order to accomplish this, companies need to infuse controls and documentation requirements into their monthly close and financial reporting process. Doing so results in audit requirements being fulfilled as the close is completed.

“Policies and procedures are meant to be used. So keep them accessible to the team and refresh them as the situation warrants,” says Ms. Wu. “When we rise above the mechanics of controls and documentation, then we can start leveraging our auditors for higher value insight, such as benchmarking or process improvement recommendations.”

The feature continues to outline ways in which policies and procedures are meant to be used, reducing burden and stress during audits. Overall these practices create a stronger financial reporting process, which is less vulnerable to errors and audit weaknesses.

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