What are the benefits of having a company audit?
An audit can bring many elements of added value such as:
- Identifying weaknesses in internal controls
- Identifying where profitable changes can be made
- Lends credibility to financial statements
- Educates business owners
- Increases stakeholder confidence.
Identifying weaknesses in internal controls is part of the overall audit process. Our audit testing is specifically designed to identify any significant deficiencies which can increase the possibility of a material misrepresentation of the financial information by a business. Our process is not to just verify the financial information, but also to ensure that the processes used to report and compile the financial information is sufficiently robust to reduce the chance of misreporting or fraud. The usual approach can also aid an entity become more efficient if there are inefficiencies throughout their processes.
An externally verified set of financial statements are usually considered more reliable in the market place than those that have not been. Stakeholders such as lenders, potential clients and suppliers will find your organisation a much more attractive proposition when presented with an externally verified set of financial statements, free from material error or fraud!
As well as conducting our audit verification work, an audit allows our team to really understand your business and how it operates within its chosen market or sector. Our collective knowledge and expertise in different sectors can help educate business owners. We often work closely with business owners to improve not only the overall accounting process, but other processes throughout the business, ensuring that you in turn are providing an efficient service provision to your own customers. We will provide current tax and accounting standards advice whilst creating a personal relationship with you to help grow your business and ensure you have the correct advice on a timely basis.
For further information contact the team to the right of this page.