The importance of a financial audit for winning tenders
August 28, 2017
Whether you’re bidding for a government tender or a private sector tender, you want to do everything within your power to be successful.
Having a financial audit undertaken through an independent party like LDB can make your bid more compelling and improve your chances of winning the tender. Here’s why.
It makes your application more competitive
When writing a tender proposal, the aim is to set your tender apart from others, as there may be a lot of competition for the work or grant.
Having audited financial documents gives the government agency or private sector party you’re applying to increased confidence that your financial information is sound and accurate.
Using our auditing service is almost like having a referee who knows your business inside and out – someone who can attest to your work.
It incorporates transparent information
Undertaking a financial audit and having a third party look at your financial data makes your financial information more transparent.
It proves to the government agency or private sector party to whom you’re applying that your financial data is unbiased and “true and fair”.
“Therefore, the people who are looking at it, the tenderers, can have reliance on your financial statements,” LDB audit manager Daniel Tai said.
“(It gives them) more confidence in going with you. With an audit, your financial statements will have been looked at and tested by an independent person.”
It provides an accurate financial view of your business
Undertaking a financial audit could improve your chances of winning a tender, as it provides an independent overview of how your business is performing.
“As part of the audit… we really test the controls of the company to understand where your risks are and how you mitigate those risks,” Mr Tai said.
“We give recommendations to help reduce risks, and we test your assets and accounting policies to make sure they are actually reflecting what’s happening in the business.”
Talk to the experts
We usually recommend allowing two months before the tender deadline to plan and execute an audit.
If you’d like to find out more about LDB’s auditing service, please get in touch by calling (03) 9875 2900 or sending us details via the contact form below.