Fellow steemians, accept warm greetings from a chilly Bamenda(what a juxtaposition!)
I recently participated in an intensive eight-day audit session for my company's finances. This experience was particularly significant for me as it marked my first audit in a corporate setting since transitioning from an NGO background to a purely business environment.
My professional experience has mostly been in financial management within the nonprofit sector, having trained in business marketing, as if it wasn’t already complicated enough. Making the transition to a business environment has been gratifying and demanding. The differences and similarities between the two environments were emphasized throughout this audit session.
Throughout the audit, we uncovered some accounting inconsistencies. These discrepancies were primarily due to minor errors in data entry and some outdated accounting practices that had persisted despite our efforts to modernize our financial systems. Dealing with these problems gave me a lot of opportunities to learn. It gave me the opportunity to learn about the exacting requirements of corporate financial auditing and put my finance management talents to use in a novel setting.
The auditing procedure was painstaking and comprehensive: even more painstaking than the meeting I attended with fellow mentor colleagues to prepare us for a youth empowerment program. if you want to read me unpack that meeting, click on the link below.
https://steemit.com/hive-195150/@fondzenyuy/journeying-into-the-world-of-mentorship
It required confirming transactions, cross-referencing financial information, and making sure company financial rules were being followed. The auditors were quite helpful to our finance staff; they were professional and offered helpful criticism. They pointed out areas that needed work and recommended best practices that we should follow going forward.
One of the key takeaways from this experience was the importance of maintaining accurate and up-to-date financial records. This is crucial not only for regulatory compliance but also for making informed business decisions. I also discovered the importance of maintaining up to date with industry standards and engaging in ongoing professional development.
Overall, this audit session was an eye-opener. It was a challenging yet enriching experience that enhanced my understanding of corporate finance. I can't wait to use these fresh perspectives in my work and keep developing in this exciting industry.