AUDITS

Auditing, a staple of the accounting practice, is the process of examining the accuracy of financial statements and a company’s financial reporting. In many cases, the audit also involves an inspection of the company’s – or individual’s – physical assets, such as real estate and equipment, or inventorying products.

The business benefits that result from a professional audit can be significant – industry insights, identification of control weaknesses, improvements to internal controls, and ensuring sound foundations for tax compliance.

Some of the benefits of a financial audit include:

• Enhanced quality of the financial statements
• Third parties, such as banks, investors, private equity groups, insurance companies, and valuation specialists, will look at your company as one that is enhanced and one that cares about quality and is a “better company” because you have audited financials
• Third parties such as banks and investors may require you to have audited financial statements