What are the benefits from having audited accounts?

Having an audit can have provide many benefits to your organisation –

  1. COMPLIANCE – This is one of the main reasons to have an audit, to meet your statutory requirements and regulations in your industry. Better having peace of mind than run the risk of non-compliance.
  1. BUSINESS AND SYSTEMS IMPROVEMENTS – An audit takes an impartial look at your systems and controls, and is an ideal opportunity to take on suggestions from your auditors that can make your business more efficient.
  1. CREDIBILITY – An audit gives you independent verification that the financial statements are a true and fair representation of your business. This can provide invaluable credibility and confidence.
  1. DETECT AND PREVENT FRAUD – An audit can be an effective tool to identify fraud and opportunities to commit fraud. Auditors can pinpoint weaknesses in your systems and suggest ways to strengthen these and assist the directors with their responsibilities.
  1. BETTER PLANNING AND BUDGETING – An audit confirms the accuracy of an organisation’s financial statements by analysing its financial transactions. This combined with an auditor’s expertise can be used for better financial planning, budgeting and financial decisions.

What is the impact on my business?

It shouldn’t be significant, our priority is communication and planning. We agree the timetable upfront and plan our work carefully to address the key risk areas. We ensure clear communication of the approach and requirements and discuss any matters as they arise.

Having an audit is the best level of assurance a business can obtain and that is the reason so many businesses choose to have a voluntary audit. Peace of mind to owners, directors and investors is invaluable.

Get in touch with our team today.

Other posts you might like:

Journal Entry Summer 2022

Welcome to our new look Journal Entry Summer 2022 digital newsletter, We discuss the challenges of change for business owners and individuals, tips to reduce your tax bill and much more.

read more

The Worst Count in Transylvania

Trainee accountant Jayne Emery, our Team GB Triathlete, is just back from her first 2022 international competition in Romania. Find out how she got on, from losing count to close calls with a kerb!

read more

Young People Are Great!

Developing the Young Workforce are celebrating the achievements and resilience of young people across Scotland through the ‘Young People Are Great’ campaign. To support this campaign and celebrate the top talent here at Team TC, we had a chat with trainee Colleen Hutton about her career journey so far.

read more