What are the Benefits Of A Financial Audit?

Magnifying glass on financial statement paper. Analyzing business financial data.

Some of the benefits of a financial audit include:

Enhanced quality of the financial statements
Third parties, such as banks, investors, private equity groups, insurance companies, valuation specialists, will look at your company as one that is enhanced and one that cares about quality and is a “better company” because you have audited financials

Third parties such as banks and investors may require you to have audited financial statements
If you ever plan on going through an IPO, then you will be required to audit your financial statements

From a valuation perspective, you have added value to your company because you have audited financial statements
If you ever plan to exit, then buyers of your company will look at you as a better company versus the other company they are looking at that does not have audited financial statements (value)

Peace of mind for you as the CEO or owner. Although the audit performed by CPAs does not guarantee there is no fraud in your company and that you do not have any “leaks” of cash, there is a good chance that if there is any wrong doing, fraud or “funny stuff” going on, then completing an audit might pick up on these things

The audit will look at your internal controls and the auditor should provide suggestions on how to improve them.

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