Every business should regularly review the service levels and costs associated with their audit.

Choosing the right auditor is an extremely important decision. You will work with your auditors year after year, so their insights are likely to be fundamental to your business’ success.

Most accredited auditors and audit firms will meet the basic requirements of doing a decent job of analysing your financial statements. However, if you choose an auditor based on the basics alone, you potentially miss out on the benefits that an auditor with experience in delivering a “value” audit can provide.

We believe that every audit should deliver tangibles to your business that help with your future business planning and strategy, that challenge your systems and reporting and offer up clear guidance on future-proofing your company finances.

No business should ever choose a new auditor without asking for up to date client references and a proposal that demonstrates their understanding of your business landscape and strategy.

Why do businesses need an auditor?

While some companies may not have to go through an audit, it can be advantageous to implement regular auditing into your business plan. Some of the benefits of performing an audit include:

  • Pinpointing any problem areas in the financial statements and the performance of your business
  • Enhancing the confidence of employees and stakeholders
  • Detecting potential ideas for improvements and the steps you can take to increase business performance
  • Guaranteeing your business has credibility and assisting with building rapport with investors and other stakeholders

Overall, an audit can help business performance in many ways. There are no strict guidelines for how you instrument an audit. However, it can usually be divided into five stages:

  • Planning – sorting a timeline for the audit and identifying any business goals
  • Risk assessment – identifying the key risks from a financial standpoint
  • Strategy – creating a strategy for testing and addressing those risks
  • Gathering evidence – gathering data and analysing the financial state of your business
  • Finalisation – evaluating the evidence and concluding whether the financial statements have any issues

How auditors go about the process can vary, with different auditors preferring different styles of operating.

At Seymour Taylor, we want to show you exactly what choosing the right auditor for your business looks like. So, why not get in touch today and take advantage of finding out just how different your audit can be. 

For help and advice with auditing, please get in touch with your Seymour Taylor representative or contact us on enquiries@stca.co.uk 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 on 6 August 2021.

Posted in Blog news.