There is a widespread misconception that internal audits are only required in larger, more complex organisations, and that the cost of an internal audit would outweigh the benefits for a smaller entity. Internal audits are beneficial to all entities, regardless of size, because their purpose is to evaluate and improve the effectiveness of an organization's risk management, control, and governance.
Differences between Internal and External Audit
Internal audits are frequently confused with external audits. The two engagements, however, have significant differences. External audits examine the accuracy of a company's annual reports and historical financial information by issuing an opinion on the financial statements.
Internal audits, on the other hand, concentrate on and investigate the effectiveness and efficiency of a company's financial and operational functions. Internal audits seek to add value to an organisation by identifying, comprehending, and managing high-risk areas. Internal audits also aim to ensure the dependability and integrity of financial and operational data.
Please contact us to learn more about how our internal audit services can help your company. If you’re not yet anAccotax(Accountants in London) client, we can make paying yourself tax-efficiently easy, with all your HMRC payroll and dividend forms taken care of. Even better, you’ll get all the support and advice you need, plus all your company tax filing taken care of. We can even prepare and file your annual Self Assessment tax return. Find out more about our great-value Limited company accountants Packages.
