What are the benefits of a financial statement audit?

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LONDON - eTradeWire -- f your organisation hasn't been required to be audited before, you may be wondering whether there are any advantages to an audit, apart from meeting your legal obligation.

The good news is that there are many benefits to being audited, and many businesses not required to, still choose to have one because of the insights they deliver.

Business benefits of an audit

Having an audit provides assurance that your financial statements are correct, and this will have many positive consequences for other aspect of your business:
  • Ensures you meet financial obligations:
  • Provides a risk assessment:
  • Builds investor confidence:
  • Lenders value audits:
  • Helps to grow a business:
  • Improves management decisions:

The elements of a good audit

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Professionalism, Integrity, analytical and problem-solving are some of the qualities you would expect from your auditor, but you should also expect them to conduct themselves in a particular way to ensure the audit is thorough, causes minimal disruption and delivers accurate results.

Planning for an audit is essential and should also be tailored to your needs and work to a schedule that is suitable for your organisation and your team. Regular contact with the auditor plays a key part in good preparation, as is working with auditors who are proactive and engaged, so any problems can be flagged up in advance. The right level of engagement will also ensure that you are comfortable with the auditors when they are on site.

Finding an auditor you can work with

If your business has not had a financial statement audit before, or you feel that now is the right time to change auditors, it can seem difficult to know where to start. But finding a qualified auditing practice that you are happy to work together with, who you can trust and who shares your values is a good place to start.

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At Parker Russell our desire is to build the foundations of self-assurance that a business needs to grow sustainably and ethically through an honest, fair and transparent auditing process.

We provide assurance and advice on best practices and potential dangers and help to manage risk. We also collate and assure the metrics needed to demonstrate legal and financial compliance.

If you would like an obligation-free discussion about how much more you can gain from one of our audits and learn more about how Parker Russell  UK supports many other businesses,contact us today info@parkerrussell.co.uk

Please visit our webstie http://www.parkerrussell.co.uk for details

Contact
Jason Parker
Parker Russell UK
***@parkerrussell.co.uk


Source: Parker Russell
Filed Under: Accounting

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