With the increasing trend in recent years to move small companies away from the regulatory need to undergo a statutory audit, it is still worthwhile considering the benefits an audit can bring to an organisation.
- An audit can assist in identifying weaknesses in both the company’s accounting and control functions.
- The process will necessitate close working between the client and the auditors, leading to the auditors having a better understanding of the business and greater ability therefore to provide business recommendations and advice.
- Audited financial statements will enhance the credibility of the figures provided to the bank, lenders or grant funders for example.
Audit Director, Clare Vaughan, said of the Kelsall Steele process “We no longer view an audit as a ticking exercise but as a real chance to understand our clients’ businesses and hopefully assist them in tightening their accounting function, their financial control procedures and highlighting any areas of improvement. By working on site at our clients’ premises, we also feel we can gain a greater understanding of what is important to the Directors in running their companies.”