Benefits of Hiring an Accountant for Internal Audits

find out about the benefits of hiring an accountant for your internal audit An accountant who handles internal audits for a company is able to review the firm’s financial management practices as well as check for fraud, waste and imperfect practices. They are able to examine internal financial documents and can serve to increase accuracy of financial data that will help the business avoid potential legal or financial issues.

An internal auditor can offer huge benefits to the company; often saving the company more money over time than it costs to employ their services. Just a few of the benefits of hiring an accountant for internal audits include the following.

The protection of company assets

Employee theft is extremely common and costs companies billions of dollars every year. Preventing this financial drain on your profits requires a strict system of internal controls, including hiring an experienced internal auditor. A skilled auditor can put this type of system into place and also monitor it to prevent theft by ensuring that there are no opportunities that might tempt an employee to steal from the company. The internal auditor will also perform random checks that assure that the controls put into place are effective.

Increase the value of the company by improving performance

Another benefit of internal audits is the critical analysis provided of company efficiency. This is another way that employing an accountant for this service can actually save your business money over time. The audit can determine whether or not your products and services are marketed at competitive rates and will also meet your short and long term financial goals in addition to ensuring that vendor contracts are providing the best value and services for the dollar?

Accurate financial statements

A CPA audited financial statement offers a big value by putting your investors at ease of the accuracy of information, giving them confidence that your books are accurate. Lenders will also view your company as more reputable, leading to lower interest rates when borrowing.

When a qualified accountant performs these audits, your financial statements, including various accounting documents such as accounts payable and expense reports, will be examined to be sure your business is following generally accepted accounting principles. The internal auditor will also provide a qualified opinion on these statements which will help you make informed decisions in relation to the finances of the business which can lead to greater success, and increased profits.

GoodAccountants.com is able to provide qualified and experienced accountants for internal audits for a wide variety of companies from non-profit organizations and multi-national corporations to colleges, universities, hospitals and more.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>