External auditing provides credibility to financial statements and gives shareholders confidence that accounts are accurate whilst helping to improve internal controls and systems.
Auditing is normally carried out by an external auditor who thoroughly examines and verifies the financial records of a business. The purpose of auditing is to ensure that the financial transactions are recorded fairly and accurately. An auditor can help companies prepare and submit their annual statutory audit. Although these audits are only compulsory for larger companies, many smaller companies choose to have one for their shareholders and investors.
There are numerous other types of audits that our Accountancy Experts here at Business Butler can provide help with, including grant audits, pension scheme audits, solicitors audits and charity audits, to name just a few.
There are an array of advantages for businesses who secure the services of an auditor: the ability to identify and assess any risks within the business; reassuring prospective stakeholders and funders; identifying financial trends within a business along with ways of improving financial controls; ensuring compliance by meeting statutory obligations where applicable; and providing a benchmark against other businesses.
An audit also assures the company's directors and senior management team by confirming that the accounting figures are correct. Because an integral part of the audit process is a risk assessment of the business, it can identify high-risk areas that need to be managed appropriately. Our experts will work with you to ensure that there is minimal disruption to your business and ensure a seamless auditing process.
To find out more about auditing and how our Accountancy Experts can help your business, you can either use our matching engine or complete the quick contact form and one of our experts will call you back. Please note that the initial consultation is free and without obligation.