Proactively allocating resources for upcoming audits helps you ensure that you’re not being wasteful. It also helps you rest assured that you’ll have the right resources allocated at the right times for your audits throughout the year. This ultimately helps you stay on track of your audits, which reduces the chance that you’ll be ill-prepared and perform poorly on an audit. Audit resource allocation also helps you keep track of your audit team’s responsibilities, and provides structure around the day-to-day activities and long-term planning goals of everyone involved in an audit.
Performing poorly on an audit – or worse, failing an audit – reflects negatively on your organization. Without allocating the appropriate amount of resources for an audit, your chances of doing well are significantly lowered. This can result in internal disappointment and external backlash.
Additionally, if your failure to stay organized creates duplicative work for those conducting or preparing for the audit, you’re holding your organization back. What if you dedicate time and resources towards improving an area of the organization that doesn’t need help? You’ve not only wasted those time and resources, but you’ve taken away time and resources that could have been used on an area that does need improvement. Over time, this can significantly hinder the success of your business.