BENEFITS OF FINANCIAL AUDITING

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5 MAJOR BENEFITS OF FINANCIAL AUDITING
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• The following are a few examples of how financial
  audits can benefit your company.

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Increases believability
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Increases credibility

• An audit will improve the credibility and
  reliability of the figures being submitted to
  potential buyers or business partners.

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Educates stake holders

• Not every member of the organization understands
  the advanced concepts of finance and accounting
  hence an audit assures that director and other
  important members are well informed and involved
  in the accounting functions on a day-to-day
  basis.

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Bookkeeping

• In bookkeeping, exactness is critical.
  Incorrectly revealed numbers can prompt a wide
  range of issues, from misinformed planning to
  income issues, which could even abandon you
  powerless as a business. But the question
  remains, how will you be sure your numbers are
  exact?

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Audit

• The appropriate response to this question is
  'audit'. A careful examination of everything from
  explicit exchange testing to budget report
  introduction, a review performed by a CPA can be
  the guarantee your organization needs to continue
  with certainty.

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Continual Improvements

• An audit distinguishes shortcomings in the
  bookkeeping frameworks and empowers us to propose
  and implement enhancements.

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Planning and Strategy formulation

• An audit facilitates the provision of advice that
  can have real financial benefits for a business,
  including how the business is running, what
  margins can be expected and how these can be
  achieved.

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Detects errors

• Auditing enables the detection of errors in the
  accounting books, and it allows you to see if the
  financial strategy of the company is being
  carried out according to the plan. If it is not,
  then it can indicate the weak points and areas
  that require action.