There is a misconception that Audit is about pointing out where things are wrong – picking up on issues and passing judgement. Whilst the Auditor does have a duty to highlight any accounting errors, we are also here to provide insights and add value to the business.
In the course of an audit, we look at the finance function as a whole, analysing systems and processes to identify areas where there could be a better way of doing things. Any recommendation we make will ultimately lead to the finance function running more efficiently, and improve accuracy.
It’s also our responsibility to identify any areas of risk. For example, where a client is perhaps risking a breach in compliance or not taking due care to protect the business or its customers against fraud.
The RfM Audit team carries out audits for businesses that are legally required to have them and also organisations that choose to have them.
Non-statutory company audit
Not all businesses are obliged by law to have an audit. Nonetheless, many choose to have an audit because of the commercial benefits. For example, should you wish to sell your business, a clear understanding of your financial position can help you get the best price. An audit can also help your case if you need to access finance and keep insurers happy. Plus, you will have the reassurance of knowing exactly how your business is performing.
If your business is required by law to have an audit, you will enjoy all the same commercial benefits detailed above. You can gain valuable insights from the detailed information produced, and use this to refine your business and maximise profits.
RfM Audit Services LLP is registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales.
Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C011000710.