The Benefits of Audit

An annual audit of a company’s financial statements is no longer a statutory requirement for most small companies, however many small business owners still choose to have an audit carried out

The primary objective of an audit is to provide an independent opinion that the financial statements give a ‘true and fair view’ of the company’s position.  Our management of the annual audit process is founded on a comprehensive understanding of a client’s business, the inherent risks, and their specific needs.  This enables us to provide insight beyond that required to deliver a statutory audit and helps support our clients’ strategic ambitions.

Choosing to have an audit carried out challenges the company’s internal controls and procedures, which can produce a number of valuable benefits for the business:

  • Identifies weaknesses in the company’s accounting systems, and enables us to suggest ways in which these can be improved
  • Provides directors who are not closely involved in the day-to-day accounting of the business assurance that the information being produced is accurate
  • Can enhance the credibility of the figures being produced, which can assist in attracting investors or funders. Particularly valuable if the owners may be considering a sale in the future
  • Assures shareholders, particularly if they are not also directors closely involved in the business, that the figures in the accounts show a true and fair view and that the business is being run in their best interests

For more information or to discuss the benefits of an audit to your business, contact Paul.Hutchison@campbelldallas.co.uk or call 0131 440 5000