Benefits of External Audits

Although many organisations view the process of auditing as part of a mandatory requirement that they must satisfy, this type of thinking considerably underestimates the value of the external audit process.

External Audits can benefit a wide range of users in various ways, including:
Directors (particularly Non-executive Directors)

• Adherence to Corporations Law obligations
• Better corporate governance issues
• Better integrity of the relied upon internally prepared financial information
• Better financial risk management issues including adequacy of internal controls, solvency, etc
• An external perspective of the business independent of day-to-day management

Management

• Reliable financial information – better management decisions
• Improved management of the financial risks of business
• Stronger internal financial discipline
• A supplement to the internal finance team skill set
• External assessment of accounting policies – improved financial performance reporting

Owners/Shareholders

• Reliable financial information to assess managements performance
• An external perspective of the business independent of day-to-day management

Financiers

• Reliable financial information – more ‘lend worthy’
• Improved credibility of covenant reporting

Prospective Purchasers

• Stronger internal control systems – increased business value
• Reduced risk in acquisition due diligence

Our dedicated team can assist you with all your auditing needs. Complete and submit the Express Enquiry form on the top right hand side of this page and we will contact you to discuss your enquiry or call us on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange an appointment.