An audit as explained by Wikipedia is a systematic and independent examination of books, accounts, statutory records, documents and vouchers of organizations to ascertain how far the financial statement, as well as non-financial disclosure, present a true and fair view of the concern. Such a fancy definition for a process meant to detect discrepancies. ‘Audire’ is the Latin word for ‘hear’ which is what British auditors did back when book-keeping was manual. They listened as the accounts are read out loud for them while they determine whether or not the organization’s personnel were being fraudulent or negligent.
Although this is very challenging when the records or account being read is a very large one, auditing has become very useful over time. Clearly, like everything else since the medieval period, the process has evolved and become more efficient.
There are different types of auditing such as financial statement auditing, information technology audit, internal audit, and so on. The document focuses more on financial audit. It is done to confirm the reliability and validity of information as well as provide an assessment of a system’s internal control. As a result of this action, a third party can express his or her opinion about the individual, organization or system in question. The opinion given will depend on the evidence obtained from the audit. An audit can also be an eye-opener for stakeholders by giving them a better evaluation, thereby prompting the improvement of the effectiveness of risk management, control and governance process over the subject matter. If you are still not clear about the entire process, talk to a business planner, financial advisor or a financial planner in Melbourne. Your accounts have to be vetted to save you from trouble of the law and from business collapse.
Robert Kiyosaki is a multimillionaire and a real estate mogul who is also an author of bestsellers of business books. He wrote that in his quest for financial freedom he learned that true winning comes from deals that required him to pay the lowest amount in taxes or made his income totally free from tax. Tax as we know it is customary being the mandatory financial charge or some other form of levy imposed upon an individual or a legal entity (your business) by a governmental organization in order to fund public expenditures. It is a crime almost in every part of the world to fail to pay tax or evade it or resist it.
These taxes may be direct or indirect and may be paid in cash or kind. It is however smart to avoid taxes as much as is legally possible. Having to not pay more than you ought to, is good for your business as anything more is an unnecessary loss. You can get such good deals as Mr. Kiyosaki did by employing the services of good business brokers in Melbourne. Your business definitely needs the input of tax accountants and tax agents in Melbourne from Medvisor Consultants to legally cut down that loss from tax payments and steer your business in the right path for success.