It's an unnecessary expense unless you're looking for outside investment or thinking of selling the business down the road.
The company is whole...doesn't need money, is generating revenue already and is a leading brand in Israel.
Startups and Financial Audits
Annual financial audits are a cost of doing business for many tech startups. While they aren’t the most fun, they do provide great third-party validation of the books and oversight for how the business is being managed financially. Most entrepreneurs should not spend the $10k – $30k on an annual audit.
Here’s when an annual financial audit makes sense:
Institutional investors (like VCs) or other sophisticated investors are involved — they’ll require it A bank line of credit or senior debt in the business requires it There’s a business goal to be able to sell the business in the next three years — most buyers will require three years of audited financial statements
Most of the time an annual financial review, which acts like a lightweight audit, but without all the guarantees by the accounting firm, is a much more affordable way to engage a third-party to review the books. Entrepreneurs should understand when it does, and doesn’t, make sense to pay for an annual financial audit.