Financial audit guide for businesses

Jun 18, 2024 | Accounting & Tax

Financial auditing can seem daunting for a business of any size, but it doesn’t need to be a stressful process. Auditing your company’s finances is important for ensuring accountability and accuracy in your business. Our guide on financial audits for businesses below provides a brief idea of what you can expect from your audit.  

Why does my business need to do a financial audit? 

An auditing accountant, also known simply as an auditor, will examine financial aspects of your business such as compliance with regulatory requirements and certain internal procedures. An auditor will meticulously examine these financial aspects to safeguard your business’s integrity and reliability. 

Steps of a financial audit 

Your business accountant that is managing your financial audit will go through several steps to do a financial audit, including: 

Risk assessment 

Factors that could impact the accuracy of the audit, such as potential fraud risks, will be identified and assessed.  

Fieldwork 

After the risk assessment, the auditor will gather documentation, observe processes, test transactions, and possibly conduct interviews. Through these steps, the auditor will be able to verify the accuracy of your business’s financial data.  

Reporting 

After the audit is completed, your business will receive a report that summarises the findings of the financial audit. Any issues that may be found in your financial documents or procedures will be noted in this report, as well as professional advice on how to remedy these problems. 

Choose LBW business accountants for your financial audit 

Selecting a reputable accountant firm in Geelong like LBW ensures a smooth audit process and access to professional advice. Financial audits are valuable for businesses of all sizes to enhance their processes, identify strengths, and address weaknesses. 

LBW has the expertise, resources, and understanding necessary to assist with your business’s financial audit. If you are a business owner seeking expert assistance, we invite you to contact the team at LBW.  

Based in Geelong, LBW is proud to help business owners across the Bellarine Peninsula and Surf Coast and throughout Victoria with their financial audits. 

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