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Business Assurance – What you Need to Know
What is it and How Will it Benefit Your Company?
Business Assurance is the external audit of a company carried out to satisfy the owners and stakeholders that the company is being run effectively, efficiently and according to statutory regulations.
Assurance providers are usually accounting specialists within your own field of business, such as farming, food production or manufacturing, so they have an understanding of your market and specific regulations your business has to operate under. Because they have to follow strict ethical codes, Accounting Assurance specialists can be trusted to carry out an in depth review of your whole organisation.
They will assess your business based on how you comply with Governance, Regulations and Data.
A Business Assurance audit will usually focus on:
- Your business resources and how they are spent
- Your financial reports
- The day-to-day operation of your business
- Staff productivity
A business can achieve a great deal from engaging an Assurance consultancy as they can give you an accurate overview of how well your business is running, identify areas for improvement and give you a platform to make changes that will lead to greater efficiency, productivity and profitability.
Here is a short list of benefits to help you decide if Business Assurance could benefit your organisation:
- a deep dive into your business operations by an expert
- reliable feedback, advice and recommendations that you can share with your stakeholders
- improved business processes, management and operations
- reduced risks
- increased profitability
- support your application to raise funds if you need to
Identify areas for change
The level of scrutiny Assurance companies go through when auditing your processes can highlight areas of your business that are underperforming. This will enable you to make the changes needed to function more effectively and boost productivity.
Auditing your income and expenditure can highlight how you could operate your business more profitably. Areas they will look at will include your expenditure on resources, products and services and how accurately your own products or services are priced within your market.
Help solve a problem
You may already be aware that a problem exists in your business, but you don’t know why, where or how it’s happening. A business Assurance audit will help you get to the nub of the issue and take steps to resolve it.
Better understanding and advice
The results of a Business Assurance audit will give you and members of your board a much better understanding of how your business is operating, highlight any risks that you can mitigate, and advise you on the steps you need to take to enable your business to function at its best and help you create a strategy for growth.
What is the Difference Between Compliance and Assurance?
A company’s Compliance with statutory rules and regulations helps those responsible for the business protect themselves, their employees and the business itself from a range of risks.
These risks will either be unique to the business itself, or statutory risks that the government or other industry bodies insist a business should comply with. These could be risks such as fire and water compliance, as well as mitigating risks associated with IT and data vulnerability, to ensure data is safe and compliant with GDPR, for example.
Assurance is the external audit process your business goes through to assure your board of executives and stakeholders (such as your shareholders and customers), that your organisation is being conducted in a compliant manner, that it has robust systems in place to protect confidential data and is financially sound.
How to get the best Business Assurance for your company
As we have access to a wide range of accounting firms that specialise in Business Assurance, we can take away the time and effort it would take you to research the market, and present you with a short list of Business Assurance professionals that operate within your specific field of business.