Auditors and regulators often make people cringe. Most people think of a person from the IRS showing up at your door asking for the last 20 years of tax returns and bringing out the fire hoses and German Shepherds. That seems like child’s play compared to auditors, regulators, and compliance for many organizations nowadays. Companies are being more closely scrutinized and rightfully so with often bad and sometimes criminal behavior. At the same time companies do a lot of good and are a fundamental part of society and part of what makes America great.
What do you do when you get that knock on the door by audit or the emailed information request or you are asked to speak with auditors regarding data, processes, etc.? The answer is simple and can be stated in three sentences:
- Review and comprehend the information request: Make sure to understand what is being requested, when it is due, and what it is really seeking. Now some of these items you can clarify with the regulator or auditor what is really being asked but don’t be a person that needs positive affirmation or engagement with the regulators.
- Research and process the information request: Regulatory requests sometimes take detective work with the rest being straightforward requests. Taking the time to quickly assess what type of request and the bandwidth needed to complete and currently available resources is essential to make sure things are completed timely.
- Respond to the request concisely, timely, and accurately: Being concise helps you provide the information that is requested and respectful of her time. At same time being concise alleviates the potential misunderstanding that may occur with superfluous information. Understand when the request is due and do not wait until the last day to respond — if you have the response ready send it. Most of all you should be providing accurate information. Don’t mess up your reputation with taking shortcuts here.
While this post is meant for audit, regulators, and compliance in mind, these words of advice apply to many other instances such as requests from your boss, the CEO, or even your spouse. Thinking about these three easy steps and following them will help you be more successful in responses to audit, regulators, and compliance.