Ep 210: Terrible Audit Recommendations w/ Jennie Wallace (Melody Advisory Services)

This week’s episode, we're joined by Jennie Wallace, CEO and Founder of Melody Advisory Services. Jennie brings a wealth of experience, having worked across the first, second, and third lines of defense in audit and risk management.

In this episode, Jennie shares how management views audit from her experience on both sides of being an audit and helping with risk management. She highlights the importance of understanding and empathizing with management to strengthen auditor-client relationships. Jennie also discusses avoiding "dumb findings" that cause unnecessary friction and the importance of using good judgment when escalating issues. We wrap up by revisiting the topic of audit independence.

Be sure to connect with Jennie on LinkedIn.

Also, be sure to follow us on our new social media accounts on LinkedIn, Instagram, and TikTok.

Also be sure to sign up for The Audit Podcast newsletter and to check the full video interview on The Audit Podcast YouTube channel.

Timecodes:

5:16 - Music and Melody Advisory

5:58 - Learning Excel with ChatGPT

9:11 - What does Risk Management Think of Audit

12:28 - Developing an Auditor's Judgment

26:55 - The Flow Chart Story

34:33 - What does Independence Look like in 2024

40:55 - Co-source vs. Outsource

43:34 - How not to be a Trusted Advisor

47:48 - Final Thoughts

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