Business Audits in Nottingham
What is Auditing?
An audit examines your business’s financial records to verify they are accurate. This is done through a systematic review of your transactions. Audits look at things like your financial statements and accounting books for small businesses. Many businesses have routine audits once per year.
As a small business owner, you are responsible for maintaining clear accounting books that show your business’s income and expenses. If your records are disorganized or missing, audits will be especially drawn out and difficult.
Audits can help you spot problems within your business. They can find errors in your numbers, which can help you with decision making. In the long term, a company audit can help you get your small business on track and boost your business bottom line.
When your small business is audited, you will generally receive an audit report. Auditors write audit reports to detail what they found during the process. The report states whether your records are accurate, missing, or inaccurate.
What is a Business Audit?
A business audit is a documented evaluation of whether or not a company’s financial statements are materially correct along with the standards, evidence, and assumptions used to conduct the audit.
The results are reported in a written audit opinion, and the language in the opinion defines an audit. An auditor reports on several topics:
- Financial statements
- Regulatory requirements
- Internal controls
The Benefits of Business Audits
What are the Benefits of Business Audits?
An audit provides complete peace of mind for business owners and shareholders that the organisation is 100% compliant with all of its current statutory obligations.
An audit provides independent verification that the financial statements are a true and fair representation of the entity’s current situation. This provides invaluable credibility and confidence to your organisation’s stakeholders.
Detect and Prevent Fraud
Workplace fraud can occur for years without being detected and can be so substantial that some businesses never recover. An audit can be an effective tool for identifying fraud and opportunities to commit fraud.
A thorough, in-depth audit takes an impartial look at your organisation’s internal systems and controls. This means it’s an ideal opportunity for the auditing experts to suggest improvements that can make your business more efficient.
Better Planning and Budgeting
An audit confirms the accuracy of an organisation’s financial statements by analysing its financial transactions. This examination can then be used by business owners for better financial planning, budgeting and financial decision-making for the future.
If you want your company to be taken seriously when approaching a bank, lender, or investor, an independent audit can make the difference between a series of closed doors and getting a line of credit you can use to take your business to the next level.
How can Seagrave French help you?
How can Seagrave French help you?
We can advise you if you need an audit and if not, you can save on accountancy fees!
However, we aim to deliver hassle-free audits and there are good reasons for having an audit even if you are not required by law to have one…
- An audit involves a detailed review of the company’s accounting systems and systems of control and also requires a detailed understanding of the company’s business. Such a review and knowledge can provide increased opportunities to provide proactive business advice on many matters
- An unqualified audit report can improve the status of the accounts in the eyes of banks and commercial lenders, the Taxman and suppliers who may be seeking credit references, etc
- A history of accounts with clean audit reports can also be a factor if you ever wish to sell the company or, perhaps, take it to the market
- The possibility of fraud can be reduced and an audit can act as a deterrent to any potential fraudster
Whatever your ambitions, we will commit to them wholeheartedly and deliver the premium service you deserve. Get in touch today to book a chat with the experts at Seagrave French.