The auditing process is quite complex but it is a very necessary one, especially if you have a growing company. Auditing is a tool that is used to determine whether your financial statements are accurate and in order. There are different types of auditors that you can work with, but it is essential that auditing firms are used for businesses, regardless of their size or industry.
Auditing firms usually have a systematic way of conducting and audit and this is a thorough and effective method. It involves planning, gathering, evidence, evaluation and reports. These are the basic steps that are usually used when conducting a business audit and the length of this process will vary depending on the size of the business or organisation that needs to be audited. Auditing firms assess a company’s financial status and will also outline any inconsistencies that exist in the company’s financials. These issues can be addressed and fixed to ensure compliance at all times.
Another benefit of working with auditing firms is that as a business owner you can assess whether your business is growing as it should, and that you are reaching your goals. These goals can include your turnover, staff growth or product expansions; every business is different and should have different goals in mind. If there are any areas where you do not see growth, you can make changes and spend time and energy to turn those departments around as soon as possible.
An audit can also benefit a company when it decides to sell to another buyer, or when it needs to take part in a tender process. The audit report will confirm that the company’s financials are in order and it will verify its income, expenses and net value. Audited companies have a better chance of being awarded a tender, since its business practices and income statements can be verified by professional auditors.
Colin Smith & Co was established in 1979 and is one of the most reputable auditing firms in South Africa. They can assist businesses with auditing, taxation accounting, secretarial and consulting services. Audit services are ideal for any growing business, as well as constant support from a qualified team.
