An audit is the review of the financial statements of a company by an independent third party, leading to a report on whether or not those financial statements are reliable.
The main purpose of an audit is to provide reassurance to your shareholders, lenders, creditors and funding partners. At O'Connell Meskill & Company we believe that your audit should provide a greater return than this.
Clarity and reassurance from the start
First of all, we will discuss the audit process with you so that you can understand what we are doing and how it assists us with our work.
We will also discuss how we will work with you to meet all of the statutory obligations relevant to your specific industry, such as IFSRA for the Insurance industry or POBAL for publicly funded entities. You'll have the opportunity to tell us about anything specific that you want from our review and agree your role in the process.
We will set out a timetable with you at the beginning, so that your expectations of us and our expectations of you are clear and agreed in advance, leading to an efficient and productive audit.
Insightful recommendations following your audit
Not only will your statutory obligations be met, but you will also benefit from our review.
Our auditors have insight into best practice across a range of industries and can highlight particular strengths or weaknesses in your operations and provide you with a series of recommendations to assist in improving your business processes.
As part of our review of internal controls, we can also offer suggestions on operational elements of your business which may be at risk or consuming too many resources.
You'll leave your audit review meeting with meaningful information and an action plan to improve your business systems, your decision making and most importantly, your results.
Our audit team has particular expertise in the audit of Insurance Companies and Not-for-Profit and Publicly Funded entities, and we are happy to discuss your individual needs, without obligation.