ABSTRACT

The research paper investigates the importance of auditing in business towards business success in the United Kingdom. The paper is grounded on three main hypotheses. First, it hypothesised that better auditing practices help businesses to understand their competitive edge. Second, the hypothesis is that auditing brings organisations and customers closer, leading to a better understanding of each other. Finally, the researcher hypothesised that auditing leads to compliance that, in effect, reduces legal and policy friction during the business performance. The study further relies on the investigation of 'competitive gaps,' 'customer understanding,' and 'compliance' as the leading independent variables that play a key in the determination of the rate of success of organisations. To achieve the objective of the research, the researcher utilised qualitative and quantitative secondary data as the critical research methodology geared at gathering research information from existing empirical evidence. The research technique of library research to analyse historical records and documents bearing relevant data concerning the subject matter proved helpful in understanding the logical foundation and the correction between auditing and the performance of businesses. The paper further presents the outcome of the secondary investigation by revealing that auditing plays a key role in the performance of the business in different sectors. Investors use audited financial statements to make wise investment decisions and ensure that businesses...