When it comes to ensuring your business is run in the best way possible, you should consider multiple different factors. More specifically, taking care of your business finances and making sure everything stays according to plan is very important. Through this, you can maintain business development and plan well ahead for the future. An excellent way to take care of your business’s finances is by investing in a financial audit. Keep reading to find out more.

What is a financial audit?

A financial audit is usually conducted by an independent party, external of your organisation or business and is a wealthy examination of financial statements produced by the organisation or business. This ensures that companies are keeping up with financial requirements and obligations – any discrepancies are usually highlighted in financial records. Realistically, business owners should prove the business’s performance and the audit will determine if this has been done truly. They can be done internally or externally, but we recommend that you choose an external company to conduct the audit to maintain fairness when auditing. Choosing an independent party to conduct your financial audit will most likely, if not always, prove to shareholders that your business is reporting financial audits properly and justly.

Who do I choose?

Choosing an external source to conduct your business or organisation’s financial audit is paramount to maintain integrity and trust with regards to financial matters. This is important as external sources conduct a non-biased and fair audit to ensure there is an impartial representation of financial resources. Auditing services from Azets and other independent businesses seek to comply with auditing regulations to provide a fair and accurate account of your business’s or organisation’s finances.

When deciding what external company to carry out your financial audit, you need to work out what auditing service you want. For example, Azets offer statutory audits, non-statutory audits and scope assurance engagements. Once you’ve decided this, you can rely on advertisements or word of mouth to lead you to the auditing service that will work best with your business. Making sure you have the right independent financial auditor will provide you with peace of mind knowing you are receiving expert support and unlimited help.

The benefits

There are many different benefits of an external audit. Perhaps the biggest advantage of them all is that a good audit will attract clients and customers as transparency is key in client and customer trust. Investors in your business want to know where their money is going, and an independent audit will fairly prove this. Moreover, business owners do not necessarily know the ins and outs of a financial audit, therefore, hiring an external source to conduct one is key to ensure your finances are audited the correct and legal way.

What to look out for

When choosing an external independent body to carry out your financial audit, you should consider all of these benefits to ensure you are choosing the best option. As well as this, the best independent auditors are usually the ones with the best communication networks and are available throughout the year if you have questions or need help. A financial audit should not simply be a one-off process; instead, you should expect quality service from a provider that can keep you up to date about accounting and auditing standards. Improving the future of your business is key to success. This guide has discussed what a financial audit is, it’s benefits and what to look out for when choosing an independent accountancy firm to conduct it. As a business owner, you should attempt to conduct as much research as possible to ensure you are choosing the very best on behalf of your business.