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What Is An Audit?

Nov 21, 2007
When you own your own business it is important to enlist the help of an accountant in order to provide audit services. This is because it provides documentation that you are dealing with the financial aspect of your business in the correct way and can be used as evidence if any issues arise.

Some people don't even know what audit services so they don't bother using them. However, once you understand it is very easy and can be very beneficial to your company.

An audit is an independent check of a company's financial statements which is carried out by an outside company who has nothing to do with the business. It ensures that the company being audited is presenting a true, fair and accurate view of its financial position.

Audit services can also review a company's systems and analyse risks. This means that you will be made aware of any risks you may face so you can be prepared for them if they ever happen. It can also monitor how your systems are performing in order to ensure that you are getting the most out of what you are using.

When using audit services they can also perform tests to check financial information and systems. Again, this is in order to ensure that you are getting the most out of what you are using and that it is being beneficial to your company.

One of the most important parts of audit services is that once they have been completed, the accountant you are using can then advise you on areas you can improve in. For example, they may offer tips to make certain jobs easier and quicker which will save you time and money in the long run.

Audit services can also include an examination of whether you are or not complying with the relevant terms, laws and regulations. Although this sounds daunting it is very important and beneficial in the long run because it is better than doing something wrong and then getting penalised for it later.

With so many advantages of audit services it is not surprising that so many companies large or small hire an accountant to conduct them for their business. You can be reassured that the financial aspect of your business is in safe hands and you will be given quality advice. This will make the running of any business a lot smoother and easier.
About the Author
At Wilkins Kennedyaudit services we provide a vast range of professional advisory services to the main, owner managed businesses. These include but are not limited to audit, accountancy and taxation advice.
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