If you are not certain whether you should have your business audited, consider the following points:

	Do users of your financial reports require the added credibility of an audit?
	Are you satisfied that your internal accounting system is providing realistic information?
	Are your accounts receivable records adequately segmented and aged?
	Are customers billed promptly?
	Are credit limits appropriately managed?
	Are your records capable of satisfying legislative requirements?
	Are your sales records sufficiently segmented to allow you to measure performance of different products or services?

 

A Question of Credibility

An audit can put your business on a sounder footing as it:

	Gives the business greater credibility in the eyes of banks, financiers, government departments and creditors.
	Gives you confidence that your financial reports are free of material misstatement and can be relied upon for decision-making purposes.
	Satisfies statutory requirements for financial reporting.
	Identifies weak spots and provides recommendations to address them.
	Provides an independent analysis of the financial structure of your business.

Audits can look into the way your business operates and provide you with important information about your business':

	Accounting and budgeting systems.
	Procedures (efficiency and effectiveness).
	Control mechanisms.
	Inventory management.
	Credit and other accounting policies.
	Asset management.