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  • Internal Business Audits: What You’ll Get Out Of Yours

    Posted on August 1,2018
    By Tim Roberts

    While an internal business audit might not sound like much fun, it can certainly help to ensure things don’t become the antithesis of fun- with the risk mitigating and risk identifying benefits of an internal business audit, you can rest assured your business will operate better where required.

    If you don’t have time for jumping flaming business hoops when they arise, it makes sense to plan the obstacle course out first. Small business audits offer you the chance to get ahead and take control of the business landscape you intend to make your mark on.

    So why would a business owner need an internal audit? The reasons vary from profile to profile, but there are a few handrails that solid business auditing offers any business owner. These include:

    Reasons that businesses will find a business audit of value to them include:

    • – Broadened Operational efficiency

    Good control over processes where unique risk facing your business faces in its industry is minimised.

    • – Law and Regulation Compliance

    Regular audits help ensure you’re up to date with any updates to law and regulation you may have missed.

    • – Professional Business Insights

    An unbiased view can do wonders for your business, especially when you can’t possibly act without a conflict of interest.

    Small business? Not convinced a small business audit can do much for you, your team or your business outlook? If you haven’t sought out an internal business audit business audit just yet, hold tight. There are lots of reasons you may not have considered the full benefits yet.

    “Aren’t full business audits for huge companies? I’m only small. Why would I benefit?”

    Internal business audits aren’t just for corporate giants. Even if your business is small, you can still scale down the process accordingly and benefit. Just because your business is small, it’s not immune from big mistakes. A small business audit can:

    • – Identify and prevent fraudulent activity
    • – Test internal controls
    • – Appropriate assets
    • – Resolve inaccurate reporting
    • – …and more

    Considering the value of a business audit? We can assist. Whether you need business consulting or financial advice, our team of experts are equipped to provide you with helpful advice and support that makes a difference when it comes to doing business better, every time. Call us on 1300 054 552 for more information today. 

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