Financial audits guarantee that a business’ finances are accurate and that their reports and operations are fully functioning according to plan. They also verify that the information being collected contains no errors that could potentially cause problems both in the short and long term.
If you work in a heavily regulated industry, financial audits also ensure you are compliant with the established norms within your industry. Many business owners may not even know their business isn’t compliant and can adjust as necessary if a financial audit reveals that they aren’t.
Advantages of a Financial Audit
- Benefits internal control procedures.
- Determines the proper application of taxes.
- Identifies key errors in financial statements.
- Provides detailed information about the company’s earnings.
- Gives a clear and ample view of the company’s financial health.
Audits aren’t just for businesses who are looking to make a major overhaul in the way they operate or to obtain a loan. They should be a regular part of your fiscal year to ensure the continued growth and success of your business–you’ll thank yourself when you need a few years of audited statements to sell your company to that high-priced buyer!
Contact LRSCPA today to have a complete financial audit of your business done the right way and get yourself on track for success.