What is an Audit?

Most people recognise an audit as being financial. When you are working in the finance field and you have come across the term “audit” it can be quite intimidating. Most people get the impression that the word audit has something to do with money. This is quite untrue. In actual fact audits on a large scale only occur when you have been found out to be liable for fraud or accounting irregularities. An audit can take place where there are any important processes that are regulated, for example in the food safety industry.

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An audit is essentially an “independent review of any type of data of any organization, either profit or non-profit, irrespective of its nature or size when such an audit is undertaken in order to ascertain compliance with standards”. You will find that most businesses will hire an external auditor to carry out an audit on a regular basis. As the world gets smaller this is becoming much more important for the small to medium sized business. It is no longer sufficient to merely maintain accounts and records that are required by the law and regulations. There is also a need to have a good record of your company’s activity and control. For help with a BRC Audit, Get a brc audit from mqm.

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Many small businesses will hire a professional firm to carry out the auditing. They will usually use a specialist to carry out the audit on a contract basis. The results of these audits are then presented to management.

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