Small businesses are subjected to various kinds of audits; financial audit, commercial audit, production audit, marketing audit, process audit and so on. In fact every activity of small businesses needs to scan by adapting to various kind of audit. Each kind of kind of audit is very specific and objected to bring into focus the specific weakness in specific field. Small businesses have little scope to accommodate any kind of financial shock that comes out of inefficient function of any business area. Small businesses are extremely watchful to all business events and initiate appropriate measures before the situation gets worsened and affect the business health. There are many hidden and visible issues in small businesses. Visible issues can be well identified simply by keeping proper track of the business events. Application of various statistical analyses gives proper indication of downfall of any visible issue. But hidden issues are difficult to identify. In depth audit to all business areas can only bring the hidden issues approachable. Business audits go into right kind of analysis of every small event of a business and bring out so many deviated business practices. Indulgence to practices waste, skill deficiency, poor finance management, irregularity in purchases and ineffective marketing strategy are some of the issues that weaken the basic business structure. Small businesses are low absorbent to effects arising from such issues. These slowly set in and in gradual courses assume to higher proportion and result to serious business setback.
Appropriate kind of small business audit in all the major areas of small businesses by professional auditors at certain interval is extremely necessary. This kind of multiple audit guide the small business houses to develop right kind of business plan and strategies to improve upon the weak areas of business in right time. Business audits give a right direction to small businesses not only for business survival but also for business growth. Change in production process for higher productivity and major shift in ongoing marketing methods and radical changes in commercial process are suggested by business auditors for lasting growth of small businesses.
Fresh in time fund injection in small sometime become a necessity. Small business audit reports advocate such issue and smoothen the path of organizing government small business grants in convenient terms. Small business audit broadly open so many option for incremental as well as dynamic changes in small business. In fact small business audit is a perfect guide in decision making and brings solution to all critical business issues.
