Auditing is the process of checking the financial statements of a company and determining the chances of material misrepresentation in the statements. Most people think that the purpose of an audit is to hold those people accountable who are siphoning money from the company and determine fraud. However, auditors are simply responsible for providing an external opinion on a company’s financial statements regarding the possibility of whether they are materially misrepresented or made in line with the international financial reporting standards. Audits in Tulsa are commonly performed on a number of companies. If you are a director in a public limited company, an audit will be necessary at least once during each fiscal year. Even if you own a private company, having an audit done is a great idea. Here are a few reasons why auditing is so important for your company.
Lends Credibility to Your Financial Statements
If you pitch your business plan to another investor and show them audited financial statements, they will automatically be more interested. Audits performed by a reputable firm are generally more reliable as compared to ones that are prepared by the person who owns the company. You can hire a reputable company such as Muret CPA PLLC to have your financial statements audited and prepared.
Shows That You Are Serious
When you approach an investor, the first thing they look at is your body language. Are you serious about the company and will you use their money properly? If you have gotten the company’s accounts audited by a reputable company, it’s obvious that you are very serious about your business. There are many local firms that offer audits throughout Tulsa, so all you have to do is pick up the phone and give them a call! You can also follow them on Twitter.