1.26 Value of Audit

You are the managing director of a start-up company in Australia that is developing an innovative product that will revolutionize heating and cooling for homes in Australia by a unique environmentally friendly system. The company has high expectations of growth, and its market research suggests the product will be very well received. The company was financed by several wealthy businesspeople and has only borrowed a moderate amount from a large Australian bank. At this point in time, there is no legal mandate for an audit and none of the key stakeholders have insisted that one be obtained.

Required

Would you obtain an audit for this company? Explain the reasons for your decision.