While external audits assess financial risks and statements, internal audits go further and consider your business’ growth, impact to the environment, employee culture, and reputation. Financial auditors can perform an external or an internal audit for you, but they must not have a stake in your company. At the conclusion of an audit, they render their opinion on the integrity of your documentation. Independent financial auditors are people who are not on the payroll of your company and do not have a stake in your outcome. Other reasons to conduct an audit include to verify that you are in compliance with regulatory agencies, and to protect your company from the risk of fraudulent financial practices. They give them reasonable assurance - not absolute assurance - and they give your company’s financial documentation more value. However, financial auditors use this process to assure your stakeholders (and any interested outsiders) of your company’s financial position. This process can look and feel as if someone is scrutinizing your sensitive files, searching for errors and misstatements.

These often-annual events probe your company’s financial position: They look at your accounting records, internal control policies, and accounts in accordance with industry-accepted accounting standards. No-code required.Ī financial audit is the investigation of your business’ financial statements and accompanying documentation and processes, and is performed by someone who is independent of your organization.

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