Reasons to AuditDo You Know the State of Your Company?

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What is an Audit?

Put simple, an audit is a review of the state of a business, and can include financial operations, internal controls, day-to-day operations, policies and procedures, and more.

Why Do Businesses Audit?

• It’s the law

• It’s helpful to understanding the state of the organization

• Audits identify areas for improvement

Audit for Financial Standing

Many businesses conduct regular financial audits simply because they are required. Utilizing this information, however, can help a company see where they stand financially.

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Audit for Information

Performing audits in a business allows owners and other interested parties to know what is going on with the company on an operational level.

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Audit for Fraud Detection

Fraud costs businesses about 5% of their revenue annually. Performing regular audits will help identify fraud and deter theft attempts because people know they are being watched.

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Audit for Your Audience

Investors, shareholders, financial directors, customers, and others want to know the business is in good standing. If you perform regular audits, you can give people the facts about how the business is doing, financially and otherwise.

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Audit for Growth

A formal audit can also identify areas of improvement or find ways to help the company grow and expand. An audit of processes, for example, could result in improvements that affect the productivity and profits of an organization.

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A business audit has many benefits and uses. Conduct them with the assistance of

professional financial consultants for the best results.

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