The main thing in the business is the examination that how the business is going but there is always the price of something which needs to be addressed and all you need it money to do this examination and this is very cumbersome and there are things which also needs to be considered and this is how the things are handled. This is called the Cost of the Audit. Now that this thing is necessary all you need is to consider the best person. All such things are mentioned in detail below. So let’s get to the details below.
There are certain things which need to be considered and the very first thing is the setup of the audit for the third party who will come and perform the examination. Now the very first thing is the cost of hiring the auditor as the auditor is the one who will make all this happen and the companies cannot even get away from the cost as the law has made it compulsory for the companies to get their accounts audited. But this is not for every company, there are companies who are not bound by law to do so.
Such companies are mostly small companies and they are not bound to do so. Now the nature of the audit is such that the audit is a surety to the owner and also to the stake holders that the things are going right and you need not to worry about things and let the business grow. And when the owners see that the things are going right they just get satisfied and also when the shareholders and the newcomers see that the enterprise is growing they also make the mind that they should make more investment in it.
In other case if the report is not good then there is also the thing that you should be worried and look for the areas which are mentioned and there should be no mistake in the accounts and there are other things which are so much important such as the disclosure of the things. So this shows the sensitivity of the matter and there is no need to be worried about things if you have a person like this. So to select a good person all you need is to make sure that you have enough money for that.
Most of the audits in the world are in the hand of big 4 firms which are famous in by the name of Big 4 and therefore they also take reasonable amount of it and so the things get costly here and this is not it. You also have to take care of the things such as the visit of the auditor for stock count and also for other things such as for enquiry of the records. And for refreshment of the auditors all expenses are bore by the enterprise and these are the Cost of the Audit which cannot be avoided and needed for the audit.