Benefits of Hiring Professional Auditors in Bromley

Posted by RobertPattinson on July 15th, 2019

When you are running a company, you face many issues related to violations of code of conduct and corrupt employees. To counter frauds and forgery, firms conduct audits to protect their reputation. However, relying solely on auditors may not be the right choice.

If you are running a company in Bromley, you can hire a team of auditors as well as fraud examiners. There are many fraud examiners within the organization who can identify a fraud more efficiently as compared to an external auditor. Registered Auditors in Bromley can help you with your financial issues and potential frauds. However, if there has already been a fraud in the company, the best way to identify the culprit is by making a team of auditors and fraud examiners.

Auditors can map out the chain of financial transactions and relevant invoices. They can help you Reduce Corporation Tax in Bromley. They may not be able to uncover the person behind the master plan behind a fraud if the person has left no clue. The auditors help you with determination of financial statements accuracy, funds and schemes. Auditors use the data provided by the client. If the data managers have conducted a fraud, then identifying the main culprit could be a problem.

Identifying Risk

Many companies have introduced risk management departments to identify the risks when an auditor cannot do it. The risk managers have different skills and expertise when compared to an auditor. Every company has a hierarchy and different departments to look after different functionalities. There are human resource specialists, legal advisors, financial advisors, operations department, internal auditors, IT and security personnel.

All of these are professionals and highly skilled experts. They are trained to identify and resolve issues which arise in an organization. Risk professionals work by thinking out of the box. They gather outside information along with the inside data. These outside information sources include government resources and databases. By having an authorized risk department, your company will have many advantages.

Checking The Figures

Many companies are relying on off-the-book schemes and data is only gathered by outside sources like third-parties. You may have documentary evidence of everything. However, physical inspection is the only thing which confirms how reliable the document really is.
Many vendors add hidden costs and charge more as compared to the market rates. But the books appear to be legitimate. The investigation is conducted by risk management experts and they visit local manufacturing companies, actual sites and vendors.

Shell Companies

The companies which fail to perform due diligence are often facing fraud issues due to flaw in internal control system. The site visits are often the only means to verify existence of a business. Many auditors skip field research and deal in documents only. This is the reason which makes it rather difficult to identify a shell company. Shell companies only exist in documents and their physical verification is also framed.

There’s also general audit. General audit can hardly identify such problems as they are just skimming through documents. The forensic audit has the right means to dig deep and identify fraud details. They can work with the risk managers inside your organization and identify the culprits sooner.

These are all the ways you can successfully identify the fraud that may or may not be happening within your company.