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What are the pros and cons of auditing?
Benefits of an audit. In the case of companies, we found that the need for external auditing was mainly due to the separation from the owner’s control. However, there are some advantages to having finances.
For example, in the case of a private, partnership or non-profit organisation, such audit is reported even though there is no legal requirement for such audit.
These benefits can be summarized as follows:
a) Conflict among management can be easily resolved. For example, partnerships with complex revenue sharing arrangements may require an independent review of those accounts to ensure as accurate analysis and distribution of revenue as possible.
b) Large ownership changes may be facilitated if previous accounts have an independent audit report, for example, two separate merchants merging their business to form a new partnership.
c) Application to lenders/financial institutions may be strengthened by crediting audited accounts. However, keep in mind that rather than past historical accounts, whether audited or otherwise, the bank is more likely to worry about the future and the security of the business.
d) Auditing involves a thorough review of the business so that the auditor can provide more rigorous management advice to improve business efficiency.
Disadvantages of Auditing:
Like most things in life, audits aren’t complete without their benefits. ion
There are two key domain points here:
b) Audit fee! Apparently the services of an auditor must be paid for. For this reason less participation and fewer sole traders are also more likely to have their accounts audited.
c) The audit includes personnel and customer management who take the time to provide the auditor with information. Therefore professional auditors must plan audits carefully to minimize the disruption caused by their work.
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