What are the common mistakes made during collections audits?

What are the common mistakes made during collections audits?

Some common mistakes include inadequate documentation, lack of communication with stakeholders, and not following up on discrepancies.

How can these mistakes impact the audit process?

These mistakes can lead to inaccurate findings, financial losses, and damage to relationships with clients or stakeholders.

What steps can be taken to avoid these mistakes?

To avoid these mistakes, ensure thorough documentation, maintain clear communication, and establish a follow-up process for discrepancies.

Are there any tools that can help with collections audits?

Yes, there are various tools like audit management software, data analytics tools, and communication platforms that can streamline the process.