Wed 12 / 01 / 22
What are the benefits of assurance?
By Chris Morey of Plus Accounting, Chartered Accountants
An assurance assignment is an independent and professional service involving a review of a business’ financial procedures and controls to help improve the information that managers, directors and owners receive with which they make important day to day business decisions. The accountant will issue a conclusion on the subject matter based on certain criteria.
But what are the benefits?
- A closer look at a business through the eyes of a skilled business professional
- Ensures users are more confident that the information presented to them is reliable
- Gives more credibility to business reporting processes
- Facilitates the running and management of the business
- Advice and recommendations will be given during the process
- Improves business processes
- Aids the process of obtaining finance
- Assists management in understanding and reducing business risks
- Better controls can increase profit
- Gives more confidence in internal controls
- More valid conclusions can be drawn from the accounts
- Accountants follow strict ethical codes so are perceived to be trustworthy
- The assurance provider will obtain evidence that the required criteria have been met
- Sufficient evidence will be obtained to substantiate any opinion
- A written report will be supplied
The Audit team at Plus Accounting will be able to assist you if you would like more information on Assurance Reports. Please contact Chris Morey on 01273 701200 or by email at email@example.com
Author: Chris Morey, Director of Corporate & Audit Services @PlusAccounting
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