What are the Challenges in Conducting External Audits?
External audits can face various challenges, including:
- Complexity of Transactions: As businesses grow, their transactions can become more complex, making it harder for auditors to verify and assess them. - Regulatory Changes: Constant changes in regulatory requirements can pose challenges for auditors to stay updated and ensure compliance. - Technology and Cybersecurity Risks: Increasing reliance on technology and potential cybersecurity threats can complicate the audit process. - Management Cooperation: Lack of cooperation from the company’s management can hinder the audit process and affect the quality of the audit.