Auditing is a corporate procedure in which a company’s accounts are inspected for fraud and the risks of material misrepresentation. Modern day auditing is very different and goes into a considerable amount of detail to determine whether the company’s accounts have been presented in a fair manner. Only regulated firms are permitted to carry out audits in Tulsa and throughout the country, and all public limited companies must get an audit done each year before publishing their accounts for investors and the general public. Here are a few things you should know about the auditing process.
Why Get an Audit Done?
As the owner of a private business, you might be left wondering as to why you should spend more money and get an official audit done. Well, the reasons are pretty obvious. First of all, audited accounts hold much more value than unaudited ones. If you show your accounts to a potential investor and tell them they were audited by a reputable company such as visit us website, they will treat them much more seriously. Audits ensure that the accounts presented are free from material misrepresentation and fraud, and thus, have been prepared as accurately as possible.
How Is Auditing Done?
Companies that perform audits will send over a team to your office to tally all of the records related to the different heads on the financial statements. These include your inventory, your company’s cash balances, any number of employees, any major operating expenditures, and other important heads. They will check all of the figures on the statements and then tally them with their own findings. If they find any evidence of fraud, they will also include that in their official report so you can review it each year. You can also follow them on Twitter.
