Not Just a Compliance Exercise – How the financial audit process can add value to your business

Often incorrectly maligned as a costly exercise and a burden on a business’ finance team, the public are yet again distrustful of auditors due to recent high profile business failures.

However, at AAB we have been able to demonstrate to our clients and stakeholders where we can add value to their business and “reaffirm” the benefits of a robust audit process.

Having our teams on site at key stages in the audit process to work alongside and engage with the in-house finance team allows us to provide the following benefits:

• Reassurance that the financial information gives a true and fair view of the company position at the year-end; particularly valuable if the shareholders are not involved in the day-to-day running of the business, looking to undertake a fundraising exercise or establish an exit strategy;
• Identify issues where we can provide specialist assistance to achieve the best outcome for the business; e.g. identifying potential VAT issues which allows management reach appropriate resolutions with HMRC;
• Identifying weaknesses in internal controls and recommending improvements particularly where the existing software set-up is not meeting the needs of the business; and
• Discussing challenges facing the business to identify where additional support is required to free up your staff to focus on driving the business forward.

We recognise that companies invest a significant amount of their people resource into the annual audit process. By taking the time to listen to the challenges faced by our clients, we are able to guide them through the audit process and add value to their business year on year.

If you would like to find out more about how we can add value to your business through the audit process then please contact Matthew Allan (matthew.allan@aab.uk) or Fiona Sewell (fiona.sewell@aab.uk).

To find out more about the audit team, click here