What is the importance of auditing in business

[Stardom22]

I always wonder why businessmen would occasionally do auditing for their businesses. I know that the exercise is quite important for a business. What do you think is the main benefit for doing auditing in business

 

[Raja]

They like to check if everything is in order and if they compliant with the rules of the companies act and this is why they arrange external audit

 

[Springtime]

Auditing assures shareholders that the financial statements of the company they invested in are accurate. Auditing also helps to improve a company's internal controls. As a matter of fact, auditing is mandatory for all private limited companies .

 

[Shavkat]

It is best to do this because you can monitor what went wrong to certain things, especially for the financial part. If the local government agencies are being audited, then why not the companies, too.

 

[Bisolami]

It is best to do this because you can monitor what went wrong to certain things, especially for the financial part. If the local government agencies are being audited, then why not the companies, too.

You are right because there is no point in having a business that you cannot even monitor every activity that is  going on in the business

 

[uptrendfinancialsignal]

Auditing the business would help ascertain the condition of the business and its financial status.

 

[Chibson]

Auditing a business brings a lot of trust to that particular business venture. it will actually help to ascertain the financial condition of the business venture and know exactly how much the business is being run on.

 

[Heatman]

I always wonder why businessmen would occasionally do auditing for their businesses. I know that the exercise is quite important for a business. What do you think is the main benefit for doing auditing in business

Business auditing is very important when you are having worries that the financial progression of the business is not going the right way because it is going to give you all the details you need about that.

 

[Reedex]

Auditing is very important because it will enable you to understand the financial standings of the company.

 

[uptrendfinancialsignal]

Auditing is very important because it will enable you to understand the financial standings of the company.

You have a very important point because auditing would allow for understanding of the financial standings of the company.

 

[SHAHID987]

Auditing remains very good for a good performance of a company, because by this auditing the management knows it better that in particular financial sector things are going correctly and they need to prepare their selves for future external auditing.

 

[Niyi Briggs]

Auditing is like a forensic investigation into the financial records presented by the account department. It checks to see if there is any irregularities in the financial records. And that's important for any business.

 

[Elendu]

Auditing helps to ensure the accuracy of a company's financial statements, including its income statement, balance sheet, and cash flow statement and this helps to build trust and confidence in the financial information reported to investors, stakeholders, and the public

 

[Niyi Briggs]

A good auditor can track and expose fraud in your business of it exists. It is like auditing a financial statement makes it more credible and trustworthy.