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  • Why Auditing is Important

    Posted on March 23,2018
    By Tim Roberts

    When business is going smoothly you want to keep it that way. Running your own company can often feel like a roller-coaster ride, there are many ups-and-downs, with new challenges every day.

    Sometimes it can be hard to step back and look at the internal workings of your company subjectively. This is where your company could benefit from an audit.

    An audit is a detailed report conducted by a third-party, the various reports confirm current success and complications within the operation of your business. There are many advantages to performing an audit and the various types allow you to cover all your bases.

    Finance

    Money makes the world go round and without your finances in check, your business may cease to exist. Tying up loose ends and setting new goals can be accomplished when your company’s books have been looked at by a qualified auditor.

    For officers of your company, an audit provides an external confirmation of the company’s financial health. For stockholders, the audit is an essential means of establishing the worth of the company.

    Operational

    This is a detailed analysis of the goals, planning processes, procedures, and results of the operations of a business. The intended result is an evaluation of operations, likely with recommendations for improvement.

    Social Media

    Most companies have an online presence which allows them to speak with customers and clients directly. In the digital age, a strong digital brand is essential on social sites such as Twitter, Facebook and LinkedIn.

    Ensuring that your brand resonates with the public can be assessed through an audit. A fresh set of eyes can compare your company against others in the market. Auditing will allow you to identify your most valuable social media accounts and continue to expand their reach.

    Health, Safety & Environment

    It is just good business sense to focus on workplace safety, but sometimes business get complacent. A Health, Safety & Environment audit is one of the best ways to pinpoint dangerous situations and plan preventative actions. Peace of mind is one of the major benefits that comes with practicing internal auditing.

    The information that an audit provides will give you an opportunity to implement relevant changes while demonstrating a proactive approach to managing any exposures within your business.

    Professional upkeep will help you to thrive. To enquire about a professional audit for your Melbourne business, contact TR Consulting on 1300 054 552. With proven outcomes, no contracts and a completely personalised service for you, get in touch today!

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