Getting what you pay for: How an audit can add real value to your business
April 5, 2017
Nowadays, businesses are increasingly viewing auditing as an opportunity rather than an obligation.
Auditing not only ensures businesses remain compliant and confident in their financial statements, it also provides invaluable insight into how an organisation is performing, areas for improvement and how to prepare for the future.
Here are some examples of how an audit can add real value to your business.
An audit ensures your financial statements are up-to-date and accurate, which allows for smarter, more informed decision-making.
At LDB, we always keep our clients abreast of any upcoming changes to accounting standards and provide advice about how to prepare their business accordingly.
Managing complex compliance requirements
Compliance can be complex, given all of the international accounting standards to adhere to.
At LDB, we walk you through the compliance process, give you templates to simplify things and teach you how to ensure your business meets its obligations.
Promoting good business practice
Auditing helps organisations with their corporate governance by identifying the kinds of processes they should have in place to detect fraud.
Auditors study cash flows, creditors’ risk and market risk, and the controls the organisation has in place to prevent those risks.
If significant threats are identified, auditors notify management and make recommendations to mitigate the risks.
Growing your business
An audit can reduce the risk of business failure and equip businesses with an understanding of how to develop management practices that allow them to grasp opportunities while mitigating risks – all of which are essential for continued business growth.
By enhancing internal controls and activities, an audit can add value to your business and give it a competitive edge.
An audit can also attract interest from external stakeholders and investors, as it adds credibility to your financial statements.
And if you plan to sell in future, having audited accounts gives potential buyers confidence they can rely on your financial statements.
Your audit specialists
LDB will ensure your business receives real value from an audit.
We provide the highest quality services to our clients and tailor our auditing services to each client’s needs.
Our clients include public companies, large and small private companies, not-for-profit organisations and self-managed superannuation funds (SMSFs).
To find out more, phone LDB on (03) 9875 2900 or send us information via the contact form below.