So what exactly happens during an audit? In simple terms, an audit is the process of comparing what a management system should contain with what is actually in place, and documenting the differences in a report to management or a statutory authority.
Reputations are Built on Fair and Accurate Audits
All kinds of systems come under audit, usually as a requirement of government legislation, industry standards or memberships of statutory bodies. Some examples are ISO audits, OHS audits, food standards audits, child care and aged care audits and financial systems audits. Charter Partners is an accounting firm so we perform financial systems audits.
Our team of audit specialists provides a fair and independent audit experience using their skills and knowledge and our guidelines on ethical practices. This is important, not just for our reputation, but for the business success of our clients.
Slack Systems Invite Dishonesty
Regular, ethical audits can have a dramatic and positive effect on any business. For one that is struggling, it can identify potential areas of risk in their systems that may allow dishonest staff members the opportunity to steal cash or stock or both. Sometimes, this is the reason the business is struggling, but the financial systems are not rigorous enough to identify the cause.
Overloaded Staff make Genuine Mistakes
A successful business that is growing rapidly will also benefit from our expert audit processes. Our experienced auditors know what records, reporting mechanisms and procedures should be in place, and can quickly identify a potential problem area that regular staff working in the business may be overlooking. Times of rapid growth in a business are exciting but do place additional pressure on staff workloads. This creates an environment where things can just “slip through” without being questioned by staff, thus placing the business at risk.
Audit Reports must be an Accurate Reflection of the Situation
Any issues are documented in the audit report given to management and in many cases, also to statutory bodies. This is where our professional integrity is on show, as the accuracy and transparency of our findings inform those responsible for correcting any anomalies. We also make recommendations for improvement, which management members are free to use at their discretion.
Our relationship with our clients is such that, when we make a recommendation, they will often seek further clarification then implement our suggestions. This is the best testimony we can offer to support our focus on ethical standards when auditing.