Many organisations are required either by the law or their foundation documents to have an annual audit or review conducted by an independent auditor. Naturally, these statutory requirements come at a price but there are lots of ways to minimise your audit costs. Here are our top five ways to reduce your audit costs. Choose
Mention the word ‘audit’ and the most common reaction is usually trepidation and anxiety. Even when it’s a standard annual compliance audit, it’s hard not to worry about having auditors going through your financials with their proverbial fine-toothed combs and asking uncomfortable questions. But an audit can and should be a positive process that gives
A leading survey of New Zealand businesses found that over 50% have experienced at least one case of fraud. These businesses were of all different sizes, structures and within all industries - the perpetrators of fraud, error and corruption are not discerning, and any New Zealand business could be at risk. Fraudulent Behaviour Is On
Most of the time auditors are perceived as the bad guys because they ask a lot of awkward questions and can charge steep fees. On top of that they can cause you a lot of stress and create an uncertain environment or even fear that things will be found in an audit. Going through an
An organisation can be required to undertake either a financial audit, financial review, or agreed-upon procedure engagement (AUPE) for a variety of reasons, including statutory requirements or to meet the stipulations made in trust deeds, constitutions or charters. When given the choice between an audit, review or AUPE, it’s important to understand the difference and
If your organisation requires an audit due to industry regulations or because potential investors or other stakeholders require one, it needn’t be a negative, stressful experience. Here at UHY Haines Norton we see first-hand how an audit is actually beneficial as it presents you with the opportunity to improve your organisation. Here we aim to
UHY Haines Norton Audit Director Bhavin Sanghavi explains the benefits of preparing for an annual audit to make the process run smoothly and maximise the value the audit provides to an organisation. It’s that time of year when most organisations will start preparing for their annual financial audits. Some organisations and their accounting staff may
