Many businesses are stuck viewing audits as simple compliance measures and may be missing out on the value they offer a business.
Audits provide you with the perfect platform to understand more about how your business functions and its overall financial position.
While statutory audits do not apply to all businesses, it is worth completing an audit if you have the capacity and resources to do so.
Why are audits beneficial for my company?
Audits provide transparency, reliable data and give you the ability to make informed decisions.
Completing regular audits should increase the confidence of any shareholders and investors within your company who will want to be sure their investments are being managed effectively.
Audits enhance credibility because they are an independent, objective assessment of your company’s financial health.
The more credibility you have, the more reputable you are as a company and this is valuable especially if you plan to work with investors and other businesses in the future.
In addition to this, they allow you to spot any signs of risk and fraud. Finding these signs allows you to assess the situation, analyse your procedures and act quickly to resolve any issues found.
Similarly, an audit can also help you identify any accidental mistakes, such as misfiling errors or missing data. This will give you an idea of how effective your procedures are.
Your procedures will come under major scrutiny if multiple issues are found and haven’t been addressed properly.
How can you get the best out of auditing your business?
Preparation is one of the most important aspects of the auditing process. Without this, you cannot get the very best out of them.
Rather than waste time when the audit arrives by having to gather up information, you should compile any relevant data beforehand.
This can also be a good opportunity to check that advice from all previous audits has been actioned.
If there are multiple staff members who need to be involved in the data gathering process, ensure they are also prepared for the audit.
For larger businesses, it may be worthwhile assigning a specific employee to liaise directly with the auditor and confer with the rest of the team to keep operational efficiency during the audit.
The value of auditing your business
Auditing gives you the tools to understand your company’s finances and make informed decisions that will shape your business’s future.
If you need support completing an audit of your company, our expert team of auditors is here to help.
We can help you organise and plan, advise on the best approach and complete the audit tasks on your behalf.
We’ll support you throughout the process and give you the tools to achieve your objectives and build a clear picture of your business.
Get in touch today to see how our team can help with your company’s audits.