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November 2, 2017
Many companies and organizations are required to have an audit performed each year. Most people view audits as a compliance function: auditors come in, look through the company’s records, and ensure everything is in line. While there is certainly a lot of value in making sure an organization’s accounting is in compliance with laws and regulations, this is not the only value derived from an audit.
A recent article from The Journal of Accountancy addresses this very topic and contains some interesting statistics. For example, 79% of executives and 91% of audit committee members surveyed agreed that financial-statement audits bring to light many different opportunities that can improve the performance of their business. Auditors work with many different business and industries, giving them a unique advantage, in that they have a broad base of work to reference when looking for recommendations to give to clients.
This all starts with a high quality audit. The audit team at Martin Hood can help ensure your company follows the applicable rules and regulations, while at the same time providing recommendations for where your company can improve to make it as profitable as possible.
To see what other benefits an audit could potentially bring to your company, read the full article in the Journal of Accountancy and give us a call with any questions.