Posted on: 16 December 2014
Staying competitive in today's market can be difficult for many businesses. Profit margins are slim, and performance must be maximized in order for a company to remain viable. While it may be tempting for you to forego the training of an internal auditor, these individuals can actually have a positive impact on the bottom line of your business.
Here are 3 reasons why your company should make it a priority to invest in the training of an internal auditor in the future.
1. Internal auditors can contribute to a more productive workforce.
As part of their duties, an internal auditor is responsible for evaluating the manner in which various tasks are completed. Having someone devoted to the evaluation of employee performance can contribute significantly to a more productive workforce.
Minor errors can be corrected before they become more serious, and major flaws in employee training can be identified and resolved to prevent future mistakes.
2. Internal auditors can increase profitability.
Having access to an internal auditor allows you to identify potential weaknesses in your accounting system. These weaknesses contribute to lost profits, so having an auditor available to correct them can be beneficial. An internal auditor also has the ability to identify action that should be taken to move your profitability to the next level.
Some suggestions that an internal auditor might make include ideas for stimulating sales, ways to produce your product more efficiently, and options for developing marketing channels that could contribute to financial growth.
3. An internal auditor can ensure that your business complies with rules and regulations.
Every business operates within a certain set of limitations. Some of these rules and regulations are enforced by the government, while others are handed down from stakeholders and board members. Regardless of the source of these business limitations, compliance is essential when it comes to running a successful company.
An internal auditor has the authority to monitor and measure your company's ability to comply with certain rules and regulations. Having the assistance of a skilled internal auditor could save you from hefty fines in the future.
Although it might be tempting to eliminate an internal auditor from your company's payroll, it is important to recognize that these professionals can contribute to the profitability of your business. By allowing an internal auditor to help you increase workforce productivity, help generate more profit, and keep your business in compliance with the rules and regulations which govern it you can become more successful in today's competitive marketplace. To train an auditor, consider internal audit training courses.Share