December 11, 2019 | Read Time: 3 Minutes
What do most people think of when they consider the word audit? In our experience, the word primarily induces fear. After all, who wants to hear that they are being audited? In the business accounting world, an audit can conjure up feelings of anxiety because someone might check your work, or you may have to do extra work for the auditor. At Huberty, we understand the fear that comes with auditing. We know that audits can often feel like a punishment, much like a fine, a reprimand, or worse. (Oh my!)
However, in reality, most audits are nothing like what we imagine. The intent and outcome are more often to improve "assurance" that financial systems and reporting are reliable. Since financial results are so critical to shareholders, creditors, investors, and managers, audits provide comfort and assurance of accuracy. Still, audit services, the terms used, and what they entail can be confusing, so let's provide some clarity on the standard assurance products.
Assurance products provide credibility and reliability of accounting information. They can assist entities in securing external financing from lenders and/or investors, help to uncover errors, limit tax issues due to incorrect payment, and educate owners and managers on the importance of accounting information and processes. Assurance products like audits should not be scary but should be embraced for their ability to provide comfort or corrective action to improve the organization.
With the help of Huberty's team, you no longer have to be fearful of audits. Contact your closest Huberty office, located in Fond du Lac, Ripon, Sheboygan, Plymouth, Markesan, and Minocqua, to consult with one of our audit experts.
Want to learn more about how Huberty can calm your fears or concerns? Check out our other blogs: