Getting ready for your financial audit

Facing your first financial audit can be intimidating, yet it is an essential task for many businesses.

Why are you being audited?

Understanding the purpose behind your audit is the first step. Audits generally occur for three primary reasons:

Voluntary audits

If you’ve chosen to undergo a voluntary audit, determine whether you are reviewing your business’s future or assessing its status up to this point.

Voluntary audits can be conducted at any time and are particularly useful if you rely on a management team.

They can also be helpful if you are considering selling your business or are looking for investment opportunities as they can provide an accurate financial reflection of your company.

Mandatory audits

Your company might be legally obligated to conduct an audit based on its size and annual turnover.

If at least two of the following apply to your business, you must have an audit:

This must be completed by an independent registered auditor, but someone from your company may need to assist the auditor by providing all necessary information for an accurate assessment.

Best practices for a smooth audit

Audits can be stressful, especially if you’ve never done one before, so follow these tips to ensure a smooth and successful process:

If you still have concerns about your financial audit and would like assistance, our team are here to help.

Please get in touch today to discuss how we can assist you.