Companies not required by law to have their accounts annually audited may still choose for an audit to be carried out.
Audits can be beneficial in the following ways:
- Adding credibility to your business’ performance, as well as helping with credit ratings, bank loans, shareholder satisfaction and even selling your business
- Providing assurance regarding controls and systems in place and to identify any weaknesses
- Providing additional information regarding profit margins, business performance, early warnings
- Managing risk
- Providing specific targeted advice in relation to achieving goals