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Volume 32, Issue 1

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Wednesday, 09 January 2019 16:36

Preparing Your Documents To Survive An Audit

3 Tips to Help Organizations Come Out on Top

Compliance audit” is one of the last things a financial advisory firm hopes to hear, but it’s an inevitable, unavoidable fact of life for most. Fortunately, there are steps financial advisory firms can take to mitigate the requisite time and work of an audit, while paving the way to a successful outcome. Nuance’s Stacy Leidwinger discusses.

The words “compliance audit” tend to strike fear and anxiety in even the most reputable, meticulously run businesses. The reason is simple: compliance audits are viewed as unwelcome intrusions that detract from more strategic ends, all while absorbing an unsavory amount of time and resources. According to recent statistics, a typical financial audit today costs at least $10,000, and that figure is expected to rise.

A proactive focus on document management and document-based business processes – particularly the implementation of digital workflows – can help decrease the unnecessary time and pain associated with an audit. While organizations across industries face different types of documentation requirements in demonstrating compliance, here are three universal strategies that can help organizations navigate an audit more smoothly and increase their chances of passing with flying colors.