An external audit is usually conducted by a third person and thus is much more unbiased. A company can avail of many benefits while conducting an external audit availing GSPU’s services. Some of these benefits are:
- Provides a Comprehensive Report: An external audit provides an overview of the business process and establishes that the information in the books of accounts is correct and accurate. The auditor presents an audit report which will simplify and present all the workings of the company which would help the management to take remedial actions regarding any slow or faulty process. Furthermore, the report would help in providing a complete understanding of the workings of the various departments of the business. Thus GSPU’s external audit provides business owners with the opportunity to work closely with external auditors to look at their accounting process with a critical eye and work on making improvements.
- Surety of Compliance: An auditor sees to it that the books of accounts are made according to the rules and regulations of the concerned authority. Since GSPU’s External Audit is conducted at regular intervals, it helps in keeping the accounts department at par with the stated rules and regulations. The external auditor will also make sure that the accountants of the company are updated with any new regulations of the government or the authority concerned.
- A Different Perspective: As the external auditor is a separate third party and has no relations to the company whatsoever, he would be unbiased towards the company and would present his reports and the corresponding views in such a manner. GSPU’s auditors minimize wastage in business and increase its profitability.
- Brings in Investors: As GSPU’s audit report will provide a detailed and accurate description of all the past and present works of the company, an investor can make a better decision regarding investment in the company. The investor would scrutinize the audit report, and if after that he feels that the company is on the path to profitability and investing in the company would be the right decision then he can invest in the business. Thus, it would simplify the decision-making process of a potential investor.
- Identifies Weakness: After properly scrutinizing GSPU’s audit report, the management of the company can decide if any of the processes needs tweaking. This would help in understanding the weakness in the process and the management will take remedial measures accordingly.
- Independent Assessment provides Increased Credibility: As the audit is performed by an independent third party, there is no bias of the auditor towards the company. This means that GSPU’s audit report will consist only of the correct facts and figures about the company. This will help in getting hold of and curbing any fraudulent business activity which is being conducted in the company and will also help increase profitability.
- Evaluation of the Internal Processes of the Company: As the internal auditor is a part of the company, he cannot openly evaluate the internal workings of the business. An external auditor from GSPU has a better chance to adequately evaluate all the internal workings of the business and provide a truthful assessment of them. This will help the management in creating new and better strategies for the future and will also enhance the efficiency of the business.
- Better Quality of Audit: Many of the internal auditors may not be well versed with the current changes in the business environment and can leave essential information out of the auditing report. The internal auditor is also very close to the business work and can also leave out certain information intentionally, which can affect the profitability of the business. Such instances are not possible if an external auditor from GSPU is hired to conduct the auditing of a business.
- Provides Confidence to Current and Prospective Shareholders: By hiring an external auditor from GSPU, the company strives to provide correct and accurate information to the management as well as the shareholders of the company. This will be very helpful to the shareholders, and they will be able to take a calculated and informed decision. It will also ensure that the company will keep the best interest of the shareholders in mind while taking any business decision.
Numerous changes are happening in workplaces. The enormous progress in using technology results in a high degree of automation, transparency and acceleration. In a global business hub where the use of technology is in full momentum, there is no choice, except to adopt the changes for businesses to become successful in this era of constant change.
GSPU CHARTERED ACCOUNTANTS a leading and professional Audit and Consultancy with 17+ years of international experience provides audit & assurance, accounting & financial, Tax & business consulting, company incorporation & management consultancy services adopting a professional & friendly approach and caring about the success of our clients holding an enviable reputation. Being the Best Auditing Firm & TAX Consultancy in Bahrain, our well-known & Certified Accountants & Auditors who have international expertise as well as a comprehensive knowledge of the local market work hard with a strong moral commitment and gain the trust of our customers by providing professional services of high quality in an independent, objective and ethical manner obeying Integrity and professionalism. Expert financial and compliance advice for business innovation, success and survival is a basic need for every business. We at GSPU prioritize time and quality in Financial, Accounting, Audit, Company Formation, Management and VAT services to help businesses to grow by making a clear strategy saving time & money by generating more revenue. Your Success, Our Passion.
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