Businesses that engage genuinely in the audit process will realise value in the confidence it can bring in terms of business success, financial security, improved profitability, efficiencies and productivity. For those seeking to attract new investors or finance from banks, audit offers additional opportunities to satisfy requirements and provide peace of mind.
As Sydney accountants with a long established presence in both the business and entertainment worlds, we are firm believers in the value of audit as a business success strategy. Beyond meeting compliance requirements, audits can be instrumental in delivering better and more profitable business outcomes.
Our audit services
Our audit and assurance services play a leading role in our business relationships, providing confidence in financial reporting, while underpinning strong internal controls and systems. As audit specialists, we regularly examine financial information and records and provide opinion on whether they are true and fair.
Alongside our clients’ own assessment of business risks, experienced senior accounting and audit professionals use a risk-based audit methodology that allows us to closely consider our findings. This helps us to ensure we achieve clear objectives for shareholders and managers or, in the case of not-for-profits, the organisation’s board and members.
The role of audit in a business sale or succession
For businesses looking to sell or strengthen their succession plan, a professional audit to Australian Auditing Standards will help facilitate a smooth sales process. While a buyer’s accountant is likely to do their due diligence, it is advantageous to be able to present fully audited business accounts.
The auditing process itself also provides valuable information about the general health of your business. Areas that require improvement will be exposed and this provides opportunity to make changes that can enhance the value of the business and your sale prospects.
Our audit processes
We strive to collate valuable insights as cost-effectively and efficiently as possible, particularly in terms of mitigating staff disruption.
We add value to the audit and assurance process by providing expert and independent opinions and reports that add credibility to financial information. We also assist directors in discharging their corporate governance and compliance responsibilities, all while offering our advice on the broader financial and business issues that help drive business success.
Read more about our expertise in film audits and related taxation advice.
For specific advice on your audit requirements for business, SMSF and film, please contact us on 02 9375 1200.
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The information (including taxation) contained within this article is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Rosenfeld Kant strongly suggest that no person should act specifically on the basis of the information in this document but should obtain appropriate professional advice based on their own personal circumstances.