Reframing audits can illuminate the process as a useful tool for value creation. Here’s how they can drive business readiness for scaling, funding, or succession.
Do you shudder when you hear the word audit? You’re not alone. However, when conducted strategically, audits can be more than just a box-ticking exercise. Through regular collaboration with auditors and embracing feedback, businesses can extract tangible value that spans departments. This shift can benefit a myriad of things: accounting functions, employee experiences, processes that need streamlining, and, ultimately, better business outcomes.
At Fitzgerald Power, we see audits differently, not as an inevitability to dread, but as an opportunity to embrace. Led by our new Audit Manager, Conor Ruane, and supported by Partners Jennifer Power and Catriona Threadgold, we help clients turn audits into powerful business tools — ones that support smarter decision-making, build investor confidence, and strengthen the foundation for future growth..
In fact, an audit can help your business move forward in a number of ways.
1. By building confidence with investors, lenders, and key partners
If you’re planning to raise capital or secure funding, you’ll need more than a compelling pitch; you’ll need credibility. An independent audit gives potential investors and lenders the assurance that your financial statements are accurate, your controls are sound, and your business is operating transparently. That same credibility extends to customers and suppliers. Audited accounts that reflect a stable financial position can strengthen relationships, encourage larger contracts, and
improve supplier terms.
2. By improving your internal decision-making
An audit doesn’t just validate the numbers – it gives you a deeper understanding of how well your systems, processes, and controls are functioning. This insight can help you spot inefficiencies, uncover blind spots, and prioritise areas for improvement. Because the purpose of an audit is to ensure your financials are free from material misstatements, it also protects you from making decisions based on inaccurate or incomplete information – something that could ultimately impact your business performance. In fact, many of our clients find that the audit process sparks valuable internal conversations
around cash flow, margins, operational risk, and even succession planning. In this way, the audit becomes more than a compliance exercise; it becomes a key part of your strategic toolkit.
3. Through preparation for scaling
Scaling a business successfully requires strong governance, robust financial reporting, and well-documented processes and an audit acts as a stress test for all three. It can highlight where manual financial processes that work at current volumes may struggle under pressure. While these processes might only produce small, often immaterial errors now, those same inefficiencies can quickly compound as the business grows and manual effort becomes unsustainable. Whether you’re entering new markets, acquiring another business, or expanding your team, an audit provides a clearer view of whether your infrastructure is ready to scale — and where investment is needed to support that growth.
4. Supporting smooth succession and sale planning
Whether you’re planning to sell, pass the business to family, or transition leadership, an audit can significantly strengthen your position. Buyers, investors, and successors want transparency, clean financials, and confidence that the business has been well-managed. A history of audited accounts signals strong governance and reinforces that your business is ready for transition. If a sale or fundraise is even a remote possibility, the best time to start the audit process is now. Most buyers and capital providers look for at least three years of audited financial statements to inform their decisions and build trust in your numbers.
Rethinking audit as a year-round business asset
The best-run organisations use audits to assess past performance and drive future long-term business improvements. A common misconception, however, is that audits are only relevant to large companies. In reality, an increasing number of SMEs are voluntarily adopting an audit, especially those preparing for growth or attracting potential investment. In that sense, rethinking how audits are approached and building stronger relationships with auditors allows companies to turn audit season into a hidden superpower. One which ultimately supports broader business objectives and better ensures long-term success.
At Fitzgerald Power, we tailor our audit approach to your business size, structure, and needs, making the process as smooth, insightful, and value-adding as possible. Ready to rethink what an audit can do for your business? Whether you’re preparing to scale, keen to raise capital, or simply planning for the future, now is a good time to consider the strategic role of an audit.
If you have any questions or would like to discuss your audit needs, please get in touch with Conor and the audit team today.
