True and fair: the principles behind audit

Nov 14, 2021 | Business

An audit is only as good, accurate and useful as the organisation carrying it out and the principles their team operate with in mind.

From ensuring you understand everything we’re doing to boosting stakeholder confidence so you see more investment come your business’s way, we take our principles seriously.

In this blog, we discuss some of those, which we apply to every audit for every one of our clients.

Transparency

One key principle that our audit team always operates with in mind is that an audit must be transparent. For us, that means working on and reporting your audit in a way that you can understand.

We do this for multiple reasons. First, there’s no use of an audit that you paid for if you won’t be able to reap its rewards because our reporting is too jargon-heavy. That would be a waste of both your time and your money.

Second, it allows you to feel safe in the knowledge that what we’re doing in the audit itself is worth it for you. Admittedly, the audit process can feel opaque and convoluted to those on the outside, but we do our best to help our clients understand what we do and why we do it during the audit.

That way, you can rest assured the service you’re getting is good value for your money. There’ll be no shortcuts with us – you’ll know because you’ll understand a bit about what we’re doing.

Transparency is especially important for us when it comes to charities and other organisations that have the same principle ingrained into their own practices. We wouldn’t want to undermine your own organisation’s image, after all.

Stakeholder confidence

Our audits are also designed with your stakeholders in mind. We want to give your business the opportunity from increased participation and investment from them so you can succeed, for which they’ll need to be confident in you and the business.

If your audit is a resounding success, it should be easy to convince them their investment will result in high returns.

Although, as we’re a firm that works with professional but fair presentation, your audit might not go as you had hoped. What if your audit reveals holes and weaknesses in your finances and working systems? Won’t that just hurt stakeholder confidence?

With our audit services, there’s no need for average or less-than average results to hurt your reputation among investors, because we will ensure our report provides you with advice on how to improve your systems.

We see our role as providing an opinion your stakeholders will be confident with – confidence can also stem from a well-built plan that details precisely how you’re going to bounce back better than before.

Objectivity

At Simpson Wreford, we always take an objective approach. Verifiable evidence guides our audit team, who sample appropriately to contribute to the confidence you and your stakeholders can have in our process.

That allows us to remain impartial during the audit so we can reflect the reality of your business to help you, which is what every client wants deep down as well. Objectivity is the only way to achieve that.

Again, it goes back to value for money – just like how a non-legible report is of very limited value to you, so too is a report that just wants to please you with half-truths and an incomplete picture of the whole story.

Taking a step back from your business is the first step to growth, which we can help you take.

Contact us to discuss our audit services.

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