What Is Your Audit Flavour?

what is your audit flavour

Vanilla, Chocolate or Neapolitan? What’s your audit flavour?

Martin Le Marchant
Director Audit

what is your audit flavour

Imagine yourself standing in line at the ice-cream shop on a hot Aussie summer’s day: trying to decide what flavour ice cream will taste best and absolutely make your day. Hard to choose right?

Who needs to be audited and why should you CHOOSE to have one?

Public companies and other large organisations are required by law to have their financial statements audited. It is fair to say this routine, compliance-based audit is the “vanilla” ice cream of the audit flavours: necessary, reliable but sometimes a little bland and unappetising.

On the other hand, smaller organisations are not always required by law to conduct a statutory audit. And why would you if vanilla was the only flavour on offer?

Well good news! Not only is vanilla only one of many audit flavours, but the benefits of an internal audit for your business will ensure the health of your business. Who would have thought ice cream could be good for you!

Having your business audited offers unique flavours to help your organisation achieve its objectives. Large or small, Company or Association, an Internal Audit is beneficial to evaluate and improve the effectiveness of risk management, control and governance processes.  It can sound bland, but the outcomes can be an exciting step towards improving your business.

The Bishop Collins menu of internal audit services includes:

  • Hokey Pokey: Ensure your accounting processes are efficient and effective (often we spend more time doing what we do best, the business, and forget to manage the bits we aren’t so good at);
  • Neapolitan: Identify, understand and manage high risk areas (do you know what the high risk areas are in your business?);
  • Cookies & Cream: Ensure compliance with policies, procedures, laws and regulations (because who has time to run a business and keep up with the current laws and regulations…for that matter, even what day of the week it is);
  • Mint Choc Chip: Streamline operations (this is so important and when done properly makes life so much easier);
  • Rocky Road: Preventing and detecting fraud (way more common than you would expect);
  • Tiramisu: Safeguard assets (very important and often overlooked);
  • Tutti Frutti: Ensure governance and risk assessment processes are in line with best practice (are you certain you are using best practice?).

Your flavour selection will provide an excellent perspective on your business, where it can further improve, minimise risk and maximise financial opportunities.

But I prefer sorbet…                                                                                                                                                              

If an internal audit ice cream is not to your palette, perhaps an IT Audit sorbet is on the menu? Bishop Collins IT audit services include assessments of:

 

Choosing the right flavour for your business

Our audit team at Bishop Collins is ready to walk you through the variety of internal audit flavours to find the right one for your business.

If you would like to give one of the flavours on our audit menu a try, complete the contact form below and one of our audit team members will be in touch with you soon.