5 reasons to always audit your business

[Augusta]

If you are running a business that you need its success, then you need to add auditing to it. If you can not employ an auditor, then you should have one that comes in once in a while to check your books of accounts. You might not be aware of how your assets and liabilities are doing perfectly, but an auditor being a professional will help you out. A lot of outstanding businesses knows the importance of auditing as such there are employing this service.

You would need to get an audit service for your business because of the below reasons

1.The need to detect fraud easily: This is one essence of auditing the business, the auditor will be able to detect fraud as easily as possible and more damages will be prevented

2. Detect Accounting irregularities: The auditing of your business will help any account irregularities that doesn’t coform with your business objectives to be dected and stopped almost immediately

3.The Auditor will have the opportunity during the auditing process to develop and modify internal control systems. This will boost the accountability of the business

4.With auditing there will be checks and balances in the business, this will even stop employees of developing schemes to ruin the business via stealing

5.To make sure that there is decline in the cost of capital of the business. it will make the business to avoid risks that can collapse the business.

Add your thoughts to this? the reasons for auditing service in a business

 

[Suba]

Audit serves to check whether the numbers listed in the financial statements have been presented accurately and fairly. There are two audits, namely general audits and special audits. Usually if the audit is intended only as a control and evaluation, it can be carried out by internal audit, but if the audit is intended to borrow money from banks, tax reporting, launching an IPO, must be carried out by a Public Accountant, specifically for government-owned companies must be audited by the Supreme Audit Agency and Public Accountants.

 

[TOZZIBLINKZ]

One of the major reasons why most businesses present today fail either small scale or large scale is caused as a result of not being able to analyse the books of the business effectively . Bookkeeping as we all know is essential to business . But we must understand that it is one thing to carry out bookkeeping practices and activities , and it is another thing to analyse content contained in the business books of account . The act of auditing by definition refers to the examination , inspection , and the carefully analyzation of the business books of accounts including its financial statements and inventory orders . The act of auditing is only carried out by an auditor and only he will be able to determine the financial state and standing of the business .

The reason why business organisation must be audited is to be able to make decision concerning the business doings and activities within it and to the outside world . Auditing also inform a particular business organisation on areas to improve and areas to work on , it also informs them on areas that they are presently doing well and must keep doing well .