If you run a small business, you don’t have to commission a company audit, but all public companies still need at least one on an annual basis. Many private companies produce audited figures if they perhaps have external investment, or are attracting investment. Don’t think of an audit as a bad thing – most chartered accountants in North Wales will endeavour to make the process smooth, manageable, and painless. After all, that’s what an audit is, at it’s heart – the opportunity to detect problems and abnormalities that might indicate either dishonesty, or a lack of control in some areas of your business.
Auditing is essentially a process. An audit involves the reviewing and investigation of any aspect of a business, financial (in the areas of accounts or stock) and nonfinancial (human resources policies, quality and safety policies, to name a few.) An auditor working with a good accounting firm will be fully trained to spot areas of needed improvement, potential danger and incidents that point to unethical conduct, in their own area of expertise. While it’s true that an audit may temporarily disrupt some areas of workflow, it’s obvious to say that spotting and addressing potential weaknesses in your business’ infrastructure outweighs any temporary loss of productivity. Of course though, you’ll want to go for a firm that are thorough, correct, concise, but efficient. But how do you find one?
The answer’s rather simple – it’s a matter of reputation.
Most accountants in North Wales and beyond offer statutory regulation and audit services, though for the sake of your business – it’s best to choose an accountant that is deeply experienced in audit work. Audit experience comes in many shapes and forms, in the form of companies, public sector bodies and charities. Public sector and charities of course have rather stringent duties of financial accounting and special knowledge is needed to carry out an effective audit. Look for a company with experience in all three sectors, and you won’t be let down.