Many businesses think that having an audit of their business once a year is a necessary evil and if they had the choice they wouldn`t bother with one. What they are failing to realise is that an audit can be extremely beneficial to a business if carried out efficiently.
In order to remain compliant and meet all the statutory and regulatory requirements in any particular industry businesses must have an audit. This gives all interested parties peace of mind that the business is being run correctly and there are no issues that could come back to bite them in the future.
Verification For The Business
An audit gives credibility to a business that everything is in order as it gives independent verification from a third party that the financial statements have been true and all is as it should be. This confidence in the business is worth its weight in gold.
Audits Can Suggest More Efficient Methods
When an in-depth audit is done the auditors look at all a businesses systems and controls, which can often throw up opportunities to improve the methods that are being used to a more efficient and effective process. Areas that auditors can find ways to improve efficiency in can include business systems, accounting practices, internal controls and the business culture and organisation that is prevalent at the time. Changes in one or two of the above can invariably lead to great increases in productivity.
Help To Devise An Improved Business Plan
During an audit the revenue, expenditure, assets and liabilities of a business are all put under the microscope. Experienced auditors can examine these and often come up with advice that can help businesses produce an improved business plan that will help their business manage their finances and encourage growth in the future.
Preventing Fraudulent Behaviour
It is an unfortunate fact that fraudulent activity by employees can still be an issue for some businesses. The good news is that a comprehensive audit can discover any discrepancies and nip this type of behaviour in the bud before it gets too serious. A good auditor can also find weak areas in a business that could be exploited and they can provide advice on how to strengthen those areas so that no issues can occur.
WHR Accountants Auditing Team
At WHR Accountants we have an experienced and skilled auditing team that can help any business large or small with their auditing. For more details on our services please get in touch with us by giving our offices a call on 028 3752 2909.