Audit advantage: How an LDB director-initiated audit gives your business the edge

Audit & Financial Reporting

February 14, 2019

Audit advantage: How an LDB director-initiated audit gives your business the edge

Most audits are carried out because of legal requirements. For example, the accounts of large proprietary companies must be audited unless ASIC waives this requirement.

However, many smaller companies can also benefit from having directors initiate an audit of the accounts and systems so critical to the continuance and success of any company.

These benefits include, but are not limited to, providing owners, directors and managers with confidence in the accuracy of the financial reports, assist with or in planning and budgeting, and the possible detection of fraud.

So, having decided that your business will benefit from a director-initiated audit, the next question is: who will conduct it?

Naturally, you’ll want your audit to be of the highest quality, however, with many accounting firms, particularly the larger ones, the bulk of the audit work may be delegated to a junior member of their auditing team.

Of course, everyone has to gain their experience somewhere, but do you want that somewhere to be your business?

Experience counts

LDB offers audits conducted by our audit directors and senior audit managers.

This brings more experience to the audit process while enabling better quality control and higher standards of service. This all adds up to a more efficient audit and greater peace of mind for you, the client.

A senior auditor is better equipped to quickly identify areas of risk or complexity, and to then be able to offer solutions in a timely manner. This reduces audit time without compromising on quality and allows you to spend more time focusing on your business.

When senior auditors are only involved at the beginning and end of the process, there’s more chance that important issues may slip through the gaps and remain un-actioned.

With a senior auditor or audit director undertaking your audit, there’s more streamlined communication between the auditor, you, and your senior management.