What do you know about audits?
Are they a good thing or a bad thing?
Audits and Accounting are both Art and Science
Audits and accounting can be described as an art and a science all in one sentence. What does the average person know about how it works? Why is it a necessary action for businesses to perform? Your operation needs to run successfully on a regular basis without unnecessary errors. Audits add an element of credibility to your business. The public gains a sense of transparency about any business who makes a practice of conducting regular audits.
Auditing and accounting is a very personalized system. One size does not fit all. The relationship you have with your auditor is important and can affect the way your firm conducts business. Think about this for a moment. You visit a large medical office with several participating doctors. You complete your treatment. Their record keeping is so careless that they failed to send your correct insurance information to a third party billing department. It’s frustrating when you keep getting incorrectly billed. At that point you will have to make numerous calls to correct the error. That is when you know they need an audit.
Today’s business environment is constantly changing as our technology continually advances. Running a large corporation, starting or buying an existing business can be challenging. What worked a decade ago may not be applicable by today’s standards. There are many moving wheels that will continually need oil to run smoothly. It is wise to use third party professionals that are able to evaluate the internal operation of your firm from every aspect and according to todays regulatory standards. It is essential to be up to date and conduct daily operations within the guidelines of the regulatory authorities amd agencies.
The political environment is in flux. Two thousand sixteen is proving to be one of the most unusual election cycles that we have ever experienced in the United States. Certainly the economic future is going to change with a new administration. We can expect to see some adjustments to our financial system, employee benefits, healthcare provisions, as well as retirement benefits. These changes will be based on government mandates and may change the way that businesses operate in the future.
Audits, accounting and expert finanical advice can help keep the backbone and core of your business healthy.
Information Technology or IT departments are an integral part of the way business operates in todays advanced technical world. Is your business secure from cyber threats? Are your IT people preforming at the highest level? Are you maximizing your SEO performance? The software used by organizations and businesses is also a major concern. HR departments must be aware of all new state regulations regarding the practices of hiring and firing personnel. Knowing where to invest profits to maximize gains is an important focus area for any business.
Here are a few components that a skillful auditor can help businesses keep on track
- Audits add credability to your firm
- Working closely with the firms accounting personnel
- Updating record keeping of financial transactions
- Retention of information
- Software overview
Never Say Impossible Radio is pleased to introduce you to Shaji Varghese, CPA, at Mayer Hoffman McCann P.C. Mr. Varghese is the Local Co-Attest Practice Leader and Lead Managing Director at CBIZ,MHM,LLC. Today we discuss what steps businesses need to take to protect their assets. Our conversation also addresses the benefits of adding a qualified third party consultant to your business routine.
About Shaji Varghese
Professional Summary Shaji Varghese, a Managing Director for CBIZ and Shareholder at Mayer Hoffman McCann P.C., has in-charge responsibilities for audit engagements of clients from start-ups to multi-billion dollar organizations. He has over 25 years of public accounting experience including 10 years as a partner at a large international firm. He has exensive public company experience and expertise and his clients include Broker-Dealers, Private Equity Funds, Hedge Funds, Real Estate, Software and Technology Companies, Life Sciences/Biotech and various other companies.
Shaji also has significant experience assisting clients with due diligence work and process improvement projects.
In addition to his role as the lead audit shareholder for his clients, he is driving the growth activities and strategies of the South Florida market.
He is also a frequent speaker on technical topics at various professional events and conferences.
Asset Management Broker-Dealers Financial Statement Audits Fund of Funds Hedge Funds Investment Partnerships Mutual Funds Public Company & SEC Reporting Registered Investment Advisors
Financial Services | Life Sciences & Technology | Real Estate
B.S. – Accounting, Baruch College, City University of New York (CUNY)
Certified Public Accountant – Florida, Massachusetts, New Hampshire and New York American Institute of Certified Public Accountants Florida Institute of Certified Public Accountants Securities Industry Association – Financial Management Division
Shaji Varghese Managing Director CBIZ MHM, LLC
516 662 2970 – cell