How To - Undertake and use an Audit

In a business audit, the business owner should answer all the questions in the audit and co-operate in every way with the auditor carrying out this process. When the audit has been completed the auditor’s report will be studied with a view of carrying out remedial action if necessary for those sections that identified inefficiencies, or basic mistakes, or even downright dishonesty.

The business owner or manager will review the analysis from the auditor and determine what action is most appropriate. In general the audit report or analysis will provide an overview of the elements of the audit that are of concern and that require immediate attention.

There are several main areas where an audit needs to be conducted:

  • Accounting and bookkeeping practices.
  • Financial management and planning.
  • Sales and marketing.
  • Advertising and promotion.
  • Production.
  • Loan and other debt proposals.
  • Business planning.
  • Distribution and business growth.

Where the business is healthy and financially sound, these areas are all well balanced which is the sign of a well-run operation.

Audits, therefore, are used to...

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