What are the Benefits of Regularly Auditing?
The dreaded audit. No matter which sector you are in, the prospect of an audit can fill you with anxiety. Nobody likes being under scrutiny. So why would you want to put your business through the process more often than absolutely necessary? Here are five benefits of regular auditing.
On the Right Track
Regular auditing helps to ensure your business processes are in line with regulations. It can be very difficult to keep up with new laws whilst managing the day-to-day running of your business. Regulations can change quickly - particularly in fast-paced sectors such as finance. By using an auditor regularly you can ensure your business is on the right side of the law.
Streamline Your Business Processes and Get a Head Start on Your Competition
Auditors’ industry knowledge can help you to find better ways of working, and give you advanced warning of potential regulatory changes. With this knowledge, you can streamline your current business processes, whilst being able to act upon any legal changes before they happen. Therefore, regular auditing can give you a head start on your competition.
Prevent Nasty Future Surprises
Failure to adhere to regulations can be extremely costly. Last year engineering giant Rolls Royce was found guilty of corruption and ordered to pay £671 million to settle cases in the UK and US. This highlights the very real dangers of failing to adhere to regulations. Rolls Royce knew they were in the wrong. However, could your business be unknowingly breaking the law? Auditors help prevent nasty surprises by helping you to identify potential problem areas, and implement correct procedures.
Build Your Reputation
A strict and methodical approach to regulations will extend to the service you offer to your customers. Regular auditing can help you to avoid the negative publicity of failing to uphold standards, and this will help your business to develop a healthy, professional reputation.
Peace of Mind
As a business owner, anything that can give you additional peace of mind is a real benefit; there is enough to worry about. Having the knowledge that your business processes have been professionally reviewed only serves to lighten your load, and gives you the confidence to develop your business further.
Ultimately…
Regular auditing stops you from whistling in the dark and helps you to keep your house in order. It can benefit your business by keeping employees on their toes, and making the most of industry knowledge.
But auditing is also be a great opportunity to better understand your own business and how best to move it forward. Professional auditors such as RSM Global offer up-to-the-minute information about your industry and offer advice about how to make your business processes watertight.
How do you feel about audits? Have you ever been caught out by regulatory changes?
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