The purpose of business financials is so that you can properly report income to tax authorities and be able to make sound decisions based on financial facts. It stands to reason that an inaccurate portrayal of your finances because of accounting mistakes, be they intentional or accidental, could be anything from embarrassing to financially devastating. The best way to be confident that your books are in order is with audit services.
Audit services provide an intensive examination with the highest reasonable level of assurance. An audit level of assurance is the most comprehensive approach. You might not always need more than a review or an internal audit, but there are times to consider external audit services.
- Suspicion of theft- If you suspect that an employee has been embezzling from your company, you will have a stronger case for dismissal and prosecution if external audit services uncover proof of the theft.
- Restructuring- If you have plans for corporate restructuring, external audit services can help you determine the best strategy for moving forward or even determine if there are other options to have a more profitable enterprise.
- Improve decision making- If you have big decisions to make in the near future that depend on accurate financials, it is a good idea to engage a professional for external audit services before moving forward.
- Show transparency- Audit services are an ideal way to show complete transparency about your financial statements. Audited financials can be helpful for assuring stockholders, partners, lenders, and others.
If you would like to learn about audit services and the benefits to your company, reach out to us at Vohora LLP. We perform numerous assurance engagements for virtually every industry and niche group. Our three levels of assurance include compilations, review, and audit, so we can accommodate whatever your needs might be. Call today to learn more.