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Preparing for your first financial audit

Preparing for an audit can be daunting, especially if it’s your first one, but for some businesses, it’s something that needs to be done.

The first thing to consider is why your business is having an audit in the first place. Typically, you conduct an audit for one of three reasons.

  1. You’re mandated by law
  2. Your current or potential partners have requested it
  3. You want an audit for your own peace of mind

Voluntary audit

If you are voluntarily undertaking an audit, you will need to decide whether you are auditing the future of your business or assessing the situation to date.

You can conduct this audit at any point of the year. They are particularly beneficial if you delegate the operation of your business to a management team, are contemplating selling your business, or are seeking investment.

When does a company need an audit?

You are legally required to have an audit depending on your company’s size and annual turnover.

The legal audit thresholds are as follows:

If at least two of these are applicable to your company, then your audit must be carried out by an independent party (a registered auditor).

Somebody in your company may need to assist the auditor by providing all the relevant information needed to carry out their field work accurately.

Best practices to prepare for an audit

As audits can be a particularly stressful process, we’ve put together some tips to help you ensure the audit is smooth and successful.

Still unsure? Get expert advice

With the right team, thoughtful planning, and thorough preparation on your side, plus an external audit team you can trust to understand and respect your company’s unique needs, a smooth audit experience is well within reach.

Our team are here to help you navigate the complexity of financial audits, so get in touch today.


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