What is an audit?

Audits are an evaluation of a business’s internal controls and accounting processes. These reviews help ensure your business complies with government laws and regulations and help maintain the accurate and timely reporting of financial data.

Finding the right professional to assist and perform your audit is crucial to the success of your business.

Differences between Internal and External Audits

The main differences between internal and external audits are in who performs them. For internal audits, a company gives auditing tasks to an internal auditor who later reports their findings to the management. In external audits, the audit is performed by an independent accounting firm, and the auditor reports to third parties, such as shareholders. Internal audits are done voluntarily and are scheduled by management, external audits are generally involuntary and, in some cases, even required.

Whether internal or external, an audit is an essential tool to provide risk management and safeguard against potential fraud, waste, and financial abuse in your business. It provides assurance and communicates issues in the financial process.

How much does an audit cost?

The price of an audit is difficult to estimate, as many factors will come into the final determination. For example, the size of your business, your industry, and whether or not your company is private or public will all be important components for the ultimate price of your business's audit.

Finding an affordable auditor is hard to come across. Our platform helps you find an auditor in your price range and when you receive auditor quotes from us, you are able to compare what each auditor charges.

What happens during an audit?

The audit process can seem overwhelming and confusing to business owners, especially if they are being subjected to an external audit. There may be questions about what needs to be done to prepare for the audit, what will be looked over during the audit, and what will happen afterward.