Grant Thornton

Business Owner Audits

What is a Business Owner Audit?

Business Owners want ‘peace of mind’ that goes beyond the traditional audit process. 

Business Owner audits focus on additional specific areas of owner-managed businesses with the sole purpose of aligning business owner needs with the business needs. 

Business owner procedures need to be adapted to address the issues that keep business owners awake at night.

How do we do it?

Grant Thornton has developed a unique methodology for advising business owners.  We also use a worldwide audit methodology that will ensure that your businesses will receive a consistently high quality audit regardless of location or size.  We focus our procedures on the things that matter.

At the inception of each audit, a specialist business owner audit Partner meets with the owners in order to understand the needs of both the owners and the business.

 

 

What do I get?

At the completion of the audit, you will receive a key issues memorandum covering both issues that have arisen during the audit and issues affecting you as business owner.  The following will be covered:

  • personal and business planning issues
  • business analysis and benchmarking
  • finance facilities (financial structure, security position, covenants, finance costs)
  • health check options (GST, payroll, fixed assets, compliance with statutory taxes)
  • insurance issues
  • specified internal controls and systems reviews
  • statutory compliance – how have you performed?

How does it help me?

As a business owner, your key objective is to get value from your business audit.  During our business owner audits, we identify the objectives of the owner.  We also identify where the business is on the business lifecycle.  In conjunction with the business owners, we identify the following business owner issues:

  • is the business owner lifestyle in-sync with the business?
  • the business lifecycle and strategic plans
  • relevant and reliable information on business performance
  • asset protection
  • wealth extraction
  • exit and succession strategies

 

Next, learn about debt and banking advisory.

 
 

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