Is Your Business Missing Out on the Benefits of an Audit?

Many small businesses in Ireland may not meet the thresholds for turnover, net assets, or employee numbers that trigger a statutory audit. As a result, they may choose to prepare their annual financial statements on an audit-exempt basis.

However, for SMEs, an audit can offer far more than compliance. It can be a powerful tool for growth, credibility, and operational improvement. Here’s how:
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Builds Credibility and Trust Audited financial statements provide independent verification that a company’s accounts are a true and fair representation of its financial position. This instils confidence in investors, lenders, suppliers, customers, directors, and shareholders.

Strengthens Internal Controls A comprehensive audit evaluates your organisation’s internal systems and controls. It can help identify weaknesses in financial processes, reduce the risk of error or fraud, and support cost efficiency and scalability.

Supports Sale or Investment Readiness Audits can resolve issues before a business goes to market, strengthen due diligence processes, and enhance the reliability of financial performance and net asset reporting.

Detects and Deters Fraud Audits are an effective tool in uncovering and deterring fraudulent activity by increasing transparency and accountability.

Ensures Compliance Audits confirm compliance with statutory and regulatory requirements, providing assurance that financial reporting standards are being met.

Enhances Investor Confidence When seeking investment or financing, audited accounts provide an extra layer of reassurance to banks and investors alike.
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At CSG, our Audit & Assurance team brings deep experience across a broad range of industries and client profiles. We tailor our approach to deliver audits that not only meet legal obligations, but also highlight opportunities for improvement and future growth.

If you're unsure whether your company qualifies for an exemption - or want to explore the strategic value of an audit - feel free to get in touch with Róisín Mulvihill or Edel Broderick from our Audit & Assurance team.. We’re here to help.

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