Audits have a great number of benefits, both tangible and intangible. Perhaps the most important benefits are a reassurance of internal accounting and a comprehensive overview of a business’ finances. Audits allow business owners to see how assets are situated within the company and can inform decisions moving forward. Depending on the size of your business, an external audit may be one of the keys to identifying growth opportunities that may have otherwise been hidden.
Financial audits are also great for improving the reputation and value of your company. Investors, banks, insurance companies, and other groups that notice regular audits are more likely to deem your company as trustworthy and low-risk. Audits can, in some cases, even raise the valuation of a company, which helps in selling, mergers, loans, and other business operations. Companies that plan on going through an IPO will also be required to have an audit.
Other reasons to have an audit conducted are:
• Investigating wrongdoing/fraud
• Improve credit rating
• Foster accountability
• Increase efficiency
• Plan future business decisions
• Internal control analysis
Audits are a good barometer for the health and operation of your business, like a doctor’s appointment. Our staff of CPAs and auditors bring world-class expertise and dedication to the craft of auditing!