Why audits are a key factor to a business’s success

An audit is a vital tool in improving the efficiency and profitability of a business.

It has always been fundamental to the long term success of a business but even more so now due to the volatile economic climate that we live in. Businesses need to understand their operations inside-out and that’s where we can really help.

The benefits of an audit are numerous.

One of the key reasons is that it helps management’s comprehension of their own working and financial systems. Risks in their organisation are identified early and detailed plans can be put in place to manage these risks, providing peace of mind for the management, as well as shareholders, suppliers and financers.

An auditor possesses a unique view of a company which can effectively analyse information to evaluate the organisation’s financial structure and identify areas that need improvement. The appropriate adjustments can be detailed and executed to allow the company to remain on course to meet its objectives.

We recently approached our audit clients to obtain some written feedback on what they think about the benefits of the audit process as a whole. A brief selection of responses are detailed below:

  • “It illustrates the efficiency of our internal controls”
  • “Highlights any deficiency in the systems and these can be looked at”
  • “The errors, whether committed unknowingly or consciously, are exposed by the process of audit and it prevents their occurrence in the future”

Audits  provide much more benefit than simply satisfying a statutory requirement and highlight areas in which to strengthen your company’s efficiencies and therefore minimise internal risk.

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