Any business needs the help of a qualified accountant to make sure that their finances are in order.
These professionals also help owners guarantee that their financial matters are compliant with
related regulations, especially taxation laws. By hiring professionals, business owners can rest
assured that their company operates lawfully, at least in the financial department.
One important service provided by the accountants is an internal audit. As a company owner,
internal audits should be one of your priorities. Read on to know more about this service.
What is Internal Audit?
Before we proceed with all the intricacies of this process, it is important to know what it exactly is.
An internal audit is a process in which an accountant, specifically an auditor, comes to assess your
business’ internal controls, governance and accounting procedures. These professionals will take a
look at your financial books, bank statements and other documents that show your income and
An internal audit also involves risk management, which seeks to identify and eliminate any possible
openings for risks. Aside from looking at your finances, internal auditors can also take a look at your
Why is it Needed?
The ultimate goal of this service is to make sure that the company complies with all pertinent laws
and regulations. This also seeks to ensure that your accounting process is accurate, timely and
equitable, from data gathering to reporting.
This type of audit is important not only because it ensures efficient internal control and process, but also because it allows owners to make sure that their business is running without illicit activities.
With risk management and evaluation, auditors help companies protect themselves from fraud, abuse, and other crimes such as embezzlement.
Fees for this Service
Now that you know what this service is all about, you might want to make sure that you are able to
access this service without issues in terms of budget. The first thing you need to know is that these
accountants may charge depending on several factors. Because of this, they can offer fixed or flexible fees.
Fixed fees can be based on the size of your business. Is your business micro-sized or small-sized?
Perhaps it is medium-sized. You can expect to be quoted with a fixed price based on the turnovers your company make.
Meanwhile, flexible fees can be based on the purpose, volume, availability of systems and documents and even the location of your company. Moreover, auditors can also consider the number of hours they spend on rendering the services. Keep in mind that the size of your company
can also matter, as larger businesses can take longer to audit than smaller ones.By hiring highly qualified and professional accountants, you can rest assured that you will be paying the best value for your money. Moreover, competent specialists also give you the peace of mind that the service will be meticulous and compliant, making it beneficial for your company.