Performing audits in a business allows owners and other interested parties to know what is going on with the company on an operational level.

1. Reasons to Audit
Do You Know the State
of Your Company?
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2. What is an Audit?
Put simple, an audit is a review of the state of a
business, and can include financial operations,
internal controls, day-to-day operations, policies
and procedures, and more.

3. Why Do Businesses Audit?
• It’s the law
• It’s helpful to understanding the state of the
organization
• Audits identify areas for improvement

4. Audit for Financial Standing
Many businesses conduct regular financial audits simply
because they are required. Utilizing this information,
however, can help a company see where they stand
financially.
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5. Audit for Information
Performing audits in a business allows owners and other
interested parties to know what is going on with the
company on an operational level.
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6. Audit for Fraud Detection
Fraud costs businesses about 5% of their revenue
annually. Performing regular audits will help identify fraud
and deter theft attempts because people know they are
being watched.
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7. Audit for Your Audience
Investors, shareholders, financial directors, customers, and
others want to know the business is in good standing. If you
perform regular audits, you can give people the facts about
how the business is doing, financially and otherwise.
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8. Audit for Growth
A formal audit can also identify areas of improvement or
find ways to help the company grow and expand. An audit
of processes, for example, could result in improvements
that affect the productivity and profits of an organization.
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9. A business audit has many benefits and uses.
Conduct them with the assistance of
professional financial consultants for the best
results.
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