An audit does not need to be a negative experience for you, your company or your employees. Many business owners fear that an audit will reveal problems in their businesses, instead of embracing auditing as a means to ensure best practice, good financial management and overall efficiency.
Fault-finding to fix problems
“Auditing firms actually do more consulting work than audits,” says Mark Klinkert, a director at Nolands Auditors. “Often, business owners do not even know where they are losing productivity and efficiency. You can view an audit as intrusive, or as a business tool that evaluates your systems, establishes where there are problems and suggests remedies.”
While audits are expensive, Klinkert contends that what they save far outweighs the costs. “What does the average company lose in sales because of inefficiencies?” asks Klinkert. “If these inefficiencies could be identified, measured and improved, the company would make more money, it’s that simple.”
With the CPA in full effect, companies also need to ensure that they are not exposed. “Don’t just assume you aren’t exposed – make sure of it,” advises Klinkert. “any part of the supply chain can be affected, so it is now more important than ever before for business owners to understand all facets of their business.”
Need an auditor?
The website www.findanaccountant.co.za. conatins correct and up-to-date information on auditors in South Africa. There is a list of CVs as well as a filtering system that will help you choose the right person for your specific requirements. Remember to ensure that your auditor is compliant too.