Why auditing is needed

Even if your company falls below these legal thresholds, it may still be subject to an independent audit, if:. For many small businesses, an independent audit may not be a legal requirement, and, if you fall into this bracket you can perform your audits in-house.

However, if you do so, you may be missing out. Think of it like a health check for your business. An outside audit can highlight weaknesses in your internal controls, improve systems and procedures, and even affect your bottom line. Here are a few ways your company could benefit from an external audit:. Getting your accounts independently verified can improve many aspects of your business. It can help to build confidence in the marketplace, streamline internal controls, and highlight any weak spots in your infrastructure.

What is an Audit report? When is an Audit required? Author: Chris Morey, Director, Plus Accounting Any views or opinions represented in this blog are personal, belong solely to the blog owner and do not represent those of Plus Accounting. All content provided on this blog is for informational purposes only. Adam Kuczynski. An audit is an investment Overall an audit can be a very useful tool for the organization, both externally to funders and potential donors, as well as internally to find ways to safeguard assets and streamline processes related to financial reporting.

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