SALYSame As Last Year
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But for us financial professionals--at any stage in our careers--let this new year offer a meaningful resolution to strengthen our resolve to eradicate SALY from our habits.
SALY is much more than simply a shortcut when updating work papers, renewing a business plan, updating routine performance analyses, revising disclosures, or refreshing a standard report.
SALY disregards the advantages of the planning thought process, focusing instead on getting the job done quickly.
For years, auditors have fought a SALY mentality, the tendency to implicitly assume that everything on the audit is "Same As Last Year," an assumption that invariably leads to diminished audit quality.