What are the Benefits of Hiring an Accountant for an Internal Audit?

Planning to conduct an internal audit for your business?

Helping you to attain operational efficiency and identifying problems within your organisation, an internal audit can provide your management team with the tools needed to improve your practices.

However, it’s crucial to first understand what exactly an internal audit is and why having an accountant conduct one can provide your business with an unbiased and comprehensive perspective.

What is an internal audit?

The primary role of an internal audit is to provide senior leaders and government bodies within a company an objective source of information regarding their organisation’s risk, operational effectiveness and compliance with regulations and laws.

An internal audit should be performed by an organisation independent from company politics, in order to provide an unbiased source of information. An audit is designed to identify weaknesses within processes before they cause potential harm to the organisation or stakeholder.

Who can be an internal auditor?

Internal audits are not always required by law, however it is still important to check periodically that your organisation’s internal processes are operating effectively. This is where an internal auditor steps in.

Typically, when conducting an internal audit, you have two options for who can serve as the auditor:

How can accountants help carry out an internal audit?

The internal auditor is able to examine internal financial documents, increase accuracy of various financial data and help a business avoid any financial or legal trouble down the track. When hiring an accountant to carry out an internal audit, there are a range of benefits one can bring to the table.

Protecting your company’s assets

As a business owner, you run the risk of employee theft, which depending on the scale of your organisation, could cost your millions of dollars. Through a thorough internal audit, you can prevent this sort of financial strain by implementing a strict system of controls. A skilled accountant can put this type of system in place and closely monitor it to prevent any issues.

Provide accurate financial statements

A CPA audited financial statement puts your investors at ease by providing them proof that your books are accurate and up-to-date. Lenders will also view your company as less risky and more reputable, leading to lower interest rates when borrowing.

Improve performance and increase the value of the company

An internal audit serves as a critical analysis of a company’s performance. By hiring an accountant, you examine the pitfalls and successes of your business and determine financially, how your company can perform better.

Contact Mizael Partners for help with an internal audit

When conducting an internal audit, look to the professionals for help. Mizael Partners offers a range of audit functions designed to help companies achieve their financial goals. Call 0466 228 000 today and we will be happy to answer any questions and assist you in finding an accountant to help with an internal audit for your business.

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About Mizael Partners

Mizael Partners is proudly run by founding director, Ryan Mizael. Ryan and his team have been providing innovative accounting, auditing, financial advisory, tax and cloud-based technology solutions since 2002.

Why Us?

  • We have a team of experienced chartered accounting professionals.
  • We specialise in accounting services for top companies.
  • We provide a wide range of services tailored to meet your needs.

Call Ryan Mizael at +61 (0)466 228 000 today for a personalised business accounting experience.