The Benefits of having an Audit
There are numerous benefits to an audit, and various types of engagement types are available based on the size as well as the needs of your business. This means that audits are not restricted to statutory audits, but as has been noted in recent days, more and more business savvy directors are opting for voluntary audits as well.
Through operating a business, you may run the risk of errors or irregularities occurring within. It is also desirable to check and deter fraud by carrying out a regular audit. There are numerous benefits to this some of which are;
- It helps you identify weaknesses in the accounting systems and we are able to sit down and suggest useful improvements to ensure a more robust internal control environment.
- It helps reduce the scope for fraud and poor accounting by providing an independent professional review. Our professionals design tests that are designed to reduce the risk of fraud and error within the business.
- Through an audit engagement, management and those charged with governance benefit from advisory services that we provide to the business. This is provided to you from our knowledge that we would have accumulated on your operations, and covers a broad range of areas. We review and advise on the more technical aspects that may be difficult for you to interpret.
- An audit will enhance the credibility and reliability of the figures being submitted to lenders, prospective buyers and any stakeholders to your business. This makes numbers more reliable to financial institutions, as an independent review has been undertaken. You may not realise it, but there are many potential users of the financial statements or accounts of your business, and they include
- HMRC or any relevant tax authorities
- Insurance companies
- Investors (current and prospective)
- Suppliers (checks may be done before extending credit)
- Donors (usually for not- for- profit organisations)
To perform these reviews, here at Chapman, Robinson and Moore, we have a team of experienced and qualified professionals, with knowledge from different industry backgrounds. This vast knowledge has been accumulated over years of working with businesses, and allows us to deliver a quality engagement adding value to you and your business.
We consider each business to be unique, and therefore we invite you to contact us and arrange a meeting to discuss your needs, and requirements. There are various engagement types, and we will be able to recommend a suitable engagement based on the size and needs of your business.
For more details and to discuss an Audit for your business, with no obligation, please call us on 01865 379 272