Episode 140: Financial integrity isn't just about compliance—it's the cornerstone of organizational trust and success. In this thought-provoking exploration of the audit function, we dive deep into how forward-thinking CFOs are transforming what's often viewed as a necessary evil into a strategic advantage.
The most effective finance leaders understand that auditing isn't about hunting for mistakes or satisfying regulators; it's about building a foundation of accuracy that enables better decision-making at every level. We examine three essential pillars that should guide your audit strategy: fostering a team with unwavering professional ethics, ensuring meticulous financial accuracy in reporting, and implementing robust internal controls to safeguard company assets. These elements aren't just technical requirements—they're competitive advantages in a business landscape where trust is increasingly valuable currency.
Risk assessment emerges as a critical companion to effective auditing. By creating and continuously updating a comprehensive risk matrix, the CFO can ensure audit resources are deployed where they'll have the greatest impact. Whether you lead a small private company or a publicly traded enterprise, this strategic approach to audit planning transforms compliance activities into valuable insights that support long-term business goals. Remember, a truly effective audit function should regularly uncover areas for improvement—if your auditors never find issues, it's time to review your testing processes. The journey toward financial excellence begins with embracing auditing not as a basement-dwelling afterthought but as a spotlight illuminating your path to organizational integrity and sustainable success.
Episode outline:
- Why is a solid audit plan essential for your organization,
- Measuring and assessing organizational risk, and
- How the CFO shapes the audit plan to support long term strategy.
Please connect with me on:
1. Instagram: stephen.mclain
2. Twitter: smclainiii
3. Facebook: stephenmclainconsultant
4. LinkedIn: stephenjmclainiii
For more resources, please visit Finance Leader Academy: financeleaderacademy.com.
Popular Podcasts
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!
Ruthie's Table 4
For more than 30 years The River Cafe in London, has been the home-from-home of artists, architects, designers, actors, collectors, writers, activists, and politicians. Michael Caine, Glenn Close, JJ Abrams, Steve McQueen, Victoria and David Beckham, and Lily Allen, are just some of the people who love to call The River Cafe home. On River Cafe Table 4, Rogers sits down with her customers—who have become friends—to talk about food memories. Table 4 explores how food impacts every aspect of our lives. “Foods is politics, food is cultural, food is how you express love, food is about your heritage, it defines who you and who you want to be,” says Rogers. Each week, Rogers invites her guest to reminisce about family suppers and first dates, what they cook, how they eat when performing, the restaurants they choose, and what food they seek when they need comfort. And to punctuate each episode of Table 4, guests such as Ralph Fiennes, Emily Blunt, and Alfonso Cuarón, read their favourite recipe from one of the best-selling River Cafe cookbooks. Table 4 itself, is situated near The River Cafe’s open kitchen, close to the bright pink wood-fired oven and next to the glossy yellow pass, where Ruthie oversees the restaurant. You are invited to take a seat at this intimate table and join the conversation. For more information, recipes, and ingredients, go to https://shoptherivercafe.co.uk/ Web: https://rivercafe.co.uk/ Instagram: www.instagram.com/therivercafelondon/ Facebook: https://en-gb.facebook.com/therivercafelondon/ For more podcasts from iHeartRadio, visit the iheartradio app, apple podcasts, or wherever you listen to your favorite shows. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
The Joe Rogan Experience
The official podcast of comedian Joe Rogan.