How to Manage Auditors and Regulators

Every business person dreads the news that the auditors or regulators are coming. You can manage the process proactively to reduce surprises and make the process more efficient. These steps manage their expectations just as you would manage any other consultant or vendor relationship. The goal is to understand the boundaries of their work, to build efficient and effective processes, and to stay in touch with them throughout their engagement so there are no surprises for either party at the end. Steps: 1. Be truthful. Listen to their full question and do not interrupt. Answer the question asked (and no more). If you don't know the answer, don't guess. 2. Don't answer questions for other managers; instead, tell them who is the right manager. Respond promptly to information requests - set expectations on your delivery. 3. Keep copies of everything given to them. Organize responses to minimize their need to find . 4. Give them temporary access to your building for the dates and times they request. Remember to disable access rights when they finish their work. The appropriate manager should escort them on any tours of secured work areas such as server rooms, cash storage areas, telephone closets, stockrooms, etc. Provide them a suitable conference room or cubical with telephone and approved network service. (Note- some examiners pay for their own telephone service installs). Also provide them with locking cabinets they can use during their work. 5. Meet with your staff before the exam begins to explain the rules of the road. These rules are: Most of their questions will be answered by your managers. If your manager needs your assistance, you'll be invited to a meeting with your manager and the auditor. If the auditors "drop by" your cube with a question, remind them they're supposed to schedule meetings through your manager. If the auditor ignores this request and asks you questions anyway politely explain that they have to speak to the manager first and direct them to the manager. originated by: MasterOfDisaster, Tom Viren, Sondra C, Anonymous Source: www.wikihow.com