- June 2, 2021
- Posted by: The Mauldin Group
- Category: Blog
The Importance of Financial Auditing in 2021
How the business world has changed since 2020 needs no explanation. As vaccinations are more widely available and companies are resuming in-person work environments, many industries are headed toward “normal” operations. That said, businesses need to be intentional about navigating the post-COVID landscape; the decisions and adjustments made during this time may have a significant impact on your company and its upcoming opportunities. To better understand your organization’s status, below are a few reasons for Atlanta companies to consider financial auditing services.
What is a Financial Audit?
A financial audit is a thorough and comprehensive evaluation of an organization’s financial statements to determine whether the records are accurate and consistent. Audits assure an organization’s finances are used faithfully and without error. This process is critical for maintaining internal accountability while having transparency and a strong reputation with stakeholders, partners, and other parties. For precise and objective results, many organizations turn to a third-party CPA firm. Financial auditing companies deliver unbiased services with the goal of accurate reporting.
How a Financial Audit Can Benefit Your Organization
As a result of auditing, organizations can review and gauge how finances are distributed and make adjustments based on these findings. Your leadership team after evaluating your organization’s spending and finances will be able to properly make informed decisions regarding how to make the most of the available budget. Auditing will allow your organization to re-evaluate and manage financial habits based on trends. Doing so gives insight on how to maximize the budget. Since every organization is unique, there is no exact blueprint on how to form your budget; an audit will give clear guidance to improve financial efficiency.
Reduce Employee Theft
Businesses that hold themselves accountable are positioned to thrive. Unfortunately, some organizations may have instances of misused funds. The audit process will reveal areas of risk, allowing leadership to take action and protect assets. Financial auditing allows organizations to identify such occurrences and make corrections to assure that future cases of employee theft do not occur.
Contact BMC for Atlanta’s Trusted Financial Auditing Services
Brooks, McGinnis & Company, LLC is a Firm providing financial auditing services for Metro Atlanta companies. Our team of more than 40 experienced accountants and CPAs uphold the mission and vision of BMC, which aligns with the standards and goals of every client. Your organization’s success is our priority.
“Shortly after relocating to the Atlanta area we were in need of the services of an audit firm. Brooks, McGinnis & Company was a recommendation from another organization because of the firm’s experience in dealing with non-profit organizations such as ours. Beyond the thoroughness and comprehensive reporting associated with the audit process, as we expected, it is the people from Brooks, McGinnis & Company that really deliver. The audit staff provided the service in a professional and personable way making for an efficient and thorough audit. We have sought their service for over ten years and have never thought about looking elsewhere.”
Executive Director, Accreditation Review Commission on Education for the Physician Assistant