Building an audit schedule helps you ensure that you have the right resources allocated throughout the year. It also helps you stay on track of your audits, which reduces the chance that you’ll be ill-prepared and perform poorly on an audit. The audit schedule 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 a proper audit schedule, your chances of doing well on an audit 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.