Compliance Audit (English: Compliance Audit) is an audit to consider whether the audited entity in general and the financial and accounting system in particular have complied with the regulations of the State.
Importance of financial accounting systems and compliance audits #
TECHFEST VIETNAM is the biggest annual event for the startup community in Vietnam. This is also an opportunity for startups to reach potential customers, investors, entrepreneurs, start-up support organizations and domestic and international media.
NextTech Chairman, Mr. Nguyen Hoa Binh, one of the "Shark Tank" members participating in the "Shark Tank" program was present at the Techfest 2019 event. During the seminar, Mr. Binh shared his experience from a Investors.
According to him, one of the biggest mistakes found by business founders and owners is to take the accounting position lightly. "I see a lot of startups, the internal management problem is extremely bad, especially financial management - accounting", Mr. Binh said. He himself used to despise the position of accountant 10-15 years ago and advised startups not to underestimate this position.
Not paying attention to the statistical and recording stages can lead to negative consequences for businesses. In addition to startups spending out of control, they can also ignore many investment opportunities that they seem to be holding on to.
The reason comes from the fact that enterprises are not prepared, so they cannot provide investors with correct and transparent data on their business operations. This makes many investors turn their backs and many businesses pity with the two words "what if".
And to avoid the word "if", businesses need to be aware of the importance of compliance audits and reviews. This is a job that brings high results to the financial and accounting system, making financial statements transparent as well as detecting risks that need to be overcome.
Audit compliance solution for the perfect financial and accounting system #
To improve the financial accounting system, first of all, business owners need to realize the importance of having the right financial statements presented correctly. Next, businesses need tools to perform financial and accounting work, such as software. Finally, the person doing the work must be expert, clear process, ensure that the requirements of the business owner are met.
The steps are clear, but where to start properly and specifically is a question that many businesses in general and startups in particular are extremely concerned with. By selecting and cooperating with experienced risk management and policy advisors through the use of compliance auditing services, business owners will help solve this problem.
Compliance audit builds the trust of business owners, investors in the financial and accounting system of the business and always has the financial statements presented correctly and with transparent data. From there, enterprises easily prove their capabilities and persuade investors to pour capital.
In short, from start-ups to businesses that have been in business for a long time, they all need to pay due attention to different departments, especially the accounting and finance department, of their company. The correct recognition of the importance of the accounting department and financial statements that have been checked and reviewed by the compliance audit service will help businesses confidently look for opportunities to expand their business activities and attract investment in the future.
