To audit or not to audit - that is the question...

Companies should regard audit requirements as a business health check, rather than a compliance burden to avoid.

While many audits, such as a financial or internal audit require an examination of financial records, procedures manuals and processes, the real task of the auditor is to listen to what those in the business will share, and then, use the information to develop a considered opinion.

The audit process can provide comfort that everything is being done correctly – think of it as an extra set of eyes taking a deeper look at what is going on beyond day-to-day cash management.

Rather than being an unnecessary ‘tick the box’ exercise, the goal should be to understand what you want to achieve, recognise the compliance requirements you need to achieve and work with you to improve the performance of your business, reduce risk, and increase efficiency.

Our audit team would look to understand and document the risks and business controls you have in place, test the control effectiveness, and minimise the realisation of risk. This ensures that you focus on those areas of greatest risk to your business, and don’t spend time on unnecessary risks and controls. Our team are trained to review the controls to ensure that they are in the most effective place in the process and are working appropriately.

While all audits will end with a report on the business or function under review, our audit team will work with you on our reporting, ensuring reports are meaningful, and recommendations are developed for real change and value. We discuss our observations and listen to your comments and suggestions on how to improve your business, along with our own insights and knowledge.

By tailoring our report to your needs and capacity we know from experience that there is more likelihood of the recommendations being successfully implemented. Our continual dialogue with you will ensure that no surprises emerge both during, and at the conclusion of the process.

We will be available to provide additional support and guidance, not just a list of recommendations. Baker Tilly Isle of Man’s Audit and Assurance team are committed to working with you for your business’ success.

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.