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9 Reasons You Should Consider an Audit

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The team at STS Accounting Group, are the experts in annual auditing services. With nearly 30 years of experience in providing audit reports, we can ensure your business, self-managed super fund, not-for-profit or community group is well equipped to respond to legal and stakeholder requirements.

But why should you consider an Audit?  

There are many benefits to having an audit of a company or organisation’s financial statements.

An audit provides the highest level of assurance that an entity’s financial statements are fairly stated (in all material respects).  This assurance is provided by an independent third party.

Audited financial statements in accordance with accounting principles include accruals such as accounts receivable and accrued liabilities not included in certain tax basis financial statements. This gives interested parties a better idea of an organisation’s financial position.

Here are our 9 top reasons as you should book in for an audit:

#1 Required disclosures provide detail and insight into the financial condition of an entity or organisation that may not be apparent from a balance sheet and income statement alone.  It provides clarity to all stakeholders, board members or other users.

#2 An audit can help management and other parties meet their financial reporting responsibilities, especially knowing an independent party will be reviewing and testing the financial records.

#3 An auditor must develop an understanding of an organisation’s internal controls and access risk and thus may be able to identify control weaknesses, provide guidance on internal control improvements and recommend ways to reduce risk.

#4 Auditors provide a unique perspective on the business and may be able to make process improvement and financial statement presentation recommendations.

#5 A company may be better prepared to seek financing with audited financial statements.

#6 Audited financial statements add credibility if a potential buyer requests financial statements.

#7 An audit increases the value and credibility of the financial statements produced by management, thus increasing user confidence in the financial statement,

#8 A company can use the auditor’s report to promote accountability for the managers and employees in the company. Individual employees may focus more on dependable accounting and management if they know that the company is regularly audited.

#9 And last but definitely not least, an external audit brings peace of mind. Knowing you have had your business or organisation’s finances double-checked by an external party gives you confidence in your business and allows you to be ready if the ATO makes any inquiries.

At the end of an STS audit evaluation, we will prepare an in-depth analysis, detailing our findings and recommendations from the audit process. We can then assist you as needed to ensure the recommendations are met, on an as needs basis.

So what are you waiting for? If you’d like to talk to one of our STS audit team, don’t hesitate to give us a call today. Just one conversation can make all the difference.