Blog > A smooth, no hidden costs audit is definitely possible
6 September 2021

A smooth, no hidden costs audit is definitely possible

An audit is an essential part of a company’s accounting process. Its purpose is to ensure businesses are able to add credibility to their finances and be transparent to their stakeholders. A smooth, no hidden costs audit is perfectly feasible to achieve if you get the basics right from the outset.

The whole purpose of an audit is to examine and ratify a company’s financial position, which in turn can help develop sustainable long-term growth. Depending on the size of the business it is also often a legal requirement. Being organised with your company’s internal processes will ensure that the audit is smooth, timely and without issue. Hidden costs will often only appear because of poor-quality information provided at the start of the process. Having the required documents to hand and providing them in a timely manner to the audit team is the easiest way to a achieve a successful, no added cost audit.  Embracing technology and cloud-based accounting software specifically is another enabler to improving integrity and accessibility of financial data and thereby reducing the time and cost involved in an audit.

Providing the correct information to the audit team is key. The team will provide a clear timeline of expectations from both parties and ensure constant communication throughout the process. Communication underpins every relationship and that includes clients and their accountants!

Continuous professional development is a major part of our business strategy at Wilson Partners. Investment in our team’s knowledge and enhancing their experience is critical to successful outcomes for our clients. Additionally, through this knowledge and experience our audit team will ensure that clients are aware of any recent changes in legislation and how this may impact the audit. Similarly, we take on board any client feedback and consider any barriers or matters, from previous years, and address these in our planning to improve the efficiency of the audit.

Auditing is wrongly perceived to have lots of hidden cost that only appear once the audit starts. Ultimately you are paying for the time and expertise of your auditors. If the information provided to the audit team is clear, accurate and provided in a timely manner then additional costs can be avoided. It is only if information provided is wrong, incomplete, or late that the amount of time the audit takes increases, which then obviously increases the cost. At Wilson Partners however, we recognise the importance of working closely with our clients to ensure we cover all of these issues through regular communication, in the period prior to the audit, so the risk of unexpected costs is greatly reduced.

A positive audit outcome will help you identify future goals, grow your business sustainably and ensure that your business looks good from an investment point of view. So, it’s worth working with your Auditors to make sure everything is in place before the start of the audit and then keeping that communication going throughout to ensure a successful outcome with no unexpected costs. Luckily at Wilson Partners, that’s just the way we work!

7 Pillars Download.

Download our free guide to the 7 pillars of business success

Read our free guide what you need to focus on to help you make better decisions and achieve your goals quicker.

Please complete our form to download the guide.

Download

Sign up to receive alerts

Call us on 01628 770 770 for a no-obligation chat

You may also be interested in...

Wilson Partners Audit

Remote Auditing: Fact or Fiction?

The last 18 months has resulted in a lot of good, and not so good, innovations in remote technology, Joe Wicks workout anyone?  One of the unseen…

More

Philippa Duckworth, Audit Director, Wilson Partners

Meet the Team in 90 Seconds – Philippa Duckworth

Introduce yourself… I am Philippa Duckworth, Audit Director of Wilson Partners. I have been married to Phil for 8 years. I find picking a husband…

More

Duncan Bye, Director, Wilson Partners

Meet the team in 90 seconds – Duncan Bye

Who are you? In my free time I enjoy the great outdoors. Whether it be cycling through the rolling hills, paddle boarding down an idyllic stretch of…

More