We all know that running a business comes with a never-ending to-do list. However, auditing your business might not be on that list. Auditing through a third party can provide an impartial assessment of your business and tax compliance.
Audits are a key part of risk management and financial planning for any business. It provides assurance that financial reporting is accurate and reliable, and provides an objective view of the company’s financial position.
An audit conducted by a qualified chartered accountant can be used to verify the accuracy of financial statements and assess the internal control systems of the business. It can also reveal areas of potential risk, such as misappropriation of funds or accounting errors. By identifying and addressing any issues, an audit can help a business improve its financial performance and reduce the risk of fraud or financial mismanagement.
Auditing can also help to protect the reputation of a business. It provides a level of assurance to investors and other stakeholders that the business is financially sound and compliant. This can help to increase investor confidence and attract new customers.
Auditors should be trusted business partners who are able to offer deep analysis, assurance, and strategic advice.
Benefits from an independent audit
Risk reduction & fraud detection
In spite of how well you know your industry, you cannot always predict the risks it poses. Performing an audit can help you identify potential risks and prepare a plan to reduce them.
Investor Assurance
In order to provide assurance to shareholders and investors, you might consider conducting an audit. Both would like to invest in a well-managed and well-run company.
Business growth & decision-making support
An internal audit can help you identify areas that need to be refocused. Effective auditing is critical to the health and well-being of your business.
Knowledge expertise
Auditors see a company from the inside and use this perspective to help them to carry out valuable examinations and produce important information.
Provides a detailed overview & ensures compliance
You can ensure compliance with all relevant laws and regulations by performing regular internal audits.
At Baker Tilly Isle of Man, we have years of auditing experience within a wide range of companies at different stages of their business life cycle and from a multitude of industries.
In addition to providing a truly professional yet personalised service, we strive to provide you with efficient and value-added audit and assurance advice.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
Related content
