Auditing
Discuss your Auditing Needs with Bernard J Morahan & Co Accountants
Auditing
Bernard J Morahan & Co is fully approved and accredited to carry out all statutory and non-statutory audits. A comprehensive audit will not only ensure that your business is fully compliant but will also highlight processes and system that can be improve, or where you need to focus resources in order to make more profit.
Our audits are conducted with the aim of adding value to your business and identifying areas of growth and potential business development. We evaluate your processes and make clear recommendations based on our findings. All audit work is completed as discretely as possible in order to cause minimal disruption to your day-to-day operations. We fully understand the burden on time and money that an audit can cause. That is why Bernard J Morahan & Co will do our utmost to minimise these concerns whilst still performing a thorough and detailed audit.
Audits are important for a number of reasons:
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They will identify weaknesses within your procedures and systems.
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They highlight potential opportunities that, once exploited, will drive your business forward.
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They reduce the risk of fraud and inaccurate financial reports.
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They’ll improve your credibility with employees, shareholders, potential investors, and tax authorities.
Auditing – Frequently Asked Questions
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How often is an audit required?
It is compulsory for all businesses to be financially audited once a year. Some small companies by qualify for an audit exemption. However, without this exemption your business will require a yearly audit carried out by a qualified and approved professional.
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What is a voluntary audit?
A voluntary audit is an audit which is not required or mandated by law. Instead the business owners, shareholders, investors etc. elect to have additional audits to examine the business operations more intently.
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What happens during an audit?
During an audit the independent auditor will review all financial records such as income statements, bank accounts, credit records, receipts, and expenditure reports to check that you are complying with all regulations and that no fraud is being carried out, either on purpose or by accident.