If your business requires an audit, one question to ask is how do you ensure you get value from the process.
Firstly, you need to make sure the audit firm you have is right for your organisation. This is essential – if they are too big you may not get the level of service you would like; if they are too small you might not get the breadth of expertise, knowledge and experience.
To provide you with some insight first, as to what an audit is and to find out if you need one, please read our previous blog about audits by clicking here.
The main purpose of an audit is to examine an organisation’s financial statements for accuracy. In looking for value from an auditor here are four areas you can look at:
1. Regular communication – knowing what is going on
This is a key element in any business relationship, but can often be overlooked. We will work closely with you by meeting regularly and having open and honest conversations with you throughout the entire audit process.
2. Due diligence
We will undertake a financial investigation on your behalf, verifying the information available to us, such as;
- Annual accounts
- Annual returns
- Bank records
- Schedules of revenues and costs
- Outstanding litigation
Auditors should look to challenge the numbers in front of them, for your own good!
When working at your premises you will find our audit team to be unobtrusive and discrete with disruption to your business kept to an absolute minimum. Nobody ever wakes up wanting the auditors to come in but since they are, they mustn’t disrupt your business!
4. Changes on the horizon
Throughout the audit process, you want to be kept informed of any changes that might affect you. We always look to provide feedback if there are changes coming that may impact your business or organisation.
Our team has extensive audit knowledge and expertise, so if you would like to discuss any aspects and find out more about the value you will receive from us, please contact us on 01293 521191.