Debits, credits and all things numbers, business is all about accounting. It’s not called the backbone of businesses just like that. It is accounting only that communicates the health of your business. Gone are the days, where accounting used to be a cumbersome process. Tons of manual entries, huge paperwork and tedious calculations. Thanks to information technology the things are a lot easier and faster now. It’s all automated now! But just feeding details in the system using the best of accounting software and not looking back assuming that everything is safe and protected is an open invitation to risks. To stay up to date about the important information that owners, managers and investors need, by providing them with the right information and to continuously gauge a company’s financial performance, an audit of books of account is what the doctor ordered. And equally important is to audit the system that is being used for record-keeping and accounting purposes.
Performing a system audit is paramount as it lets an organization review the performance of its operational systems. An efficient system audit enables companies to not only assess the actual performance of their operations compared to what was planned but also warrant that the goals pursued by the organization remain relevant.