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Auditing – The benefits to your business

Not every business must undertake a regular audit and whether owners prepare an audit often depends on industry regulations or because potential investors or other stakeholders require one.

In recent years, the legal requirements to conduct an audit in the UK have changed, which means that fewer businesses now complete one regularly. 

Understandably, conducting an audit can be a stressful experience, but businesses of all sizes often fail to appreciate the benefits – outside of compliance – that an audit can offer. 

Our audit team at Seymour Taylor have put together four key reasons why every business, whether they are legally required to do so or not, should conduct an audit. 

Business improvements 

Undertaking an audit of a company is an excellent way to review an organisation’s internal systems and controls.

Audit teams can assess existing procedures and make suggestions designed to enhance systems and policies to make a business more efficient. 

This might include reviewing business systems, accounting practises, governance and culture to create a streamlined business. 

Transparency

If a business regularly deals with the public or has shareholders, then it is likely to be closely scrutinised.

An audit’s role is to provide an independent verification that the financial statements provided by the company are accurate and that they offer a fair representation of the business’s current position. 

By offering this level of transparency, owners can improve credibility and confidence for stakeholders, investors or lenders.

This may be especially important if a business is seeking a sale, as audits give buyers the confidence that everything is as it appears on paper.

Fraud prevention

Businesses are often exposed to potential fraud, which can sometimes be from within their own organisation. 

In some cases, businesses can be a target of fraud and criminality for years before they identify it, which can have a substantial impact on their finances. 

Regular audits are an excellent method of uncovering financial impropriety and can also provide solutions to prevent a person from committing fraud in future by improving systems, checks and procedures.  

Experienced auditors, such as the team at Seymour Taylor, have experience in pinpointing weaknesses and suggesting ways to improve an organisation’s fraud prevention policies. 

Planning 

Before a business can begin planning for the future it needs to have a clear idea of its current financial position. 

An audit and the information that it may uncover on a company’s income, expenditure, assets and liabilities can be used by business owners for better financial planning, budgeting and decision-making.

To find out how Seymour Taylor can assist you with an audit, whether one is required by law or if you would like to know more about your business, please contact us or call 01494 552100

This blog is for guidance only, professional advice should be obtained before acting on any information contained herein. The information was correct at time of publishing 1st February 2021.