AUDIT

An audit will bring additional costs to the business but an audit will include reporting on a company’s controls and identifying possible areas of weakness in a business that could, if unaddressed, give rise to losses.

Weaknesses in controls that could allow misappropriated stock, unauthorised sales at unauthorised prices and inadequate insurance cover may be noticed during an audit and control recommendations can be put in place to mitigate the risks.

1  \ What Is An Audit?

An audit is a procedure carried out periodically by an independent party to assess the accounts and records of an organisation, to ensure that they have been properly maintained, are accurate and comply with established concepts, principles, accounting standards, legal requirements and give a true and fair view of the financial state of the organisation's affairs on the accounts date.

 

2 \ Who Is Required To Have An Audit?

An audit may be necessary for compliance requirements, to provide assurance to investors, or to review processes and controls.

Legally, companies that have or exceed any two or more of the following criteria are required to have external audit carried out by a Registered Auditor:

  • An annual turnover of more than £10.2 million

  • Assets worth more than £5.1 million

  • More than 50 employees on average

 

3 \ Our Audit Services

  • Companies

  • Group structures

  • Pension schemes

  • Regulatory FCA (Financial Conduct Authority) Audits

  • Registered charities

  • Academies

  • Travel agents and tour operators

  • Reports and audits on law firms under the Solicitor Accounts Rules (SRA) Accounts Rules

  • Reports to grant awarding bodies and funders

 

4 \ How do we add value to the audit?

We aim to add value to the audit process in the following ways:

  • Through the pre year end preparation and planning, both to address any tax planning activities as well as to ensure the smooth, efficient and timely undertaking and completion of the audit process.

  • Through providing you with a Key Issues Document

  • Through our Partner led approach to your audit and audit affairs

  • Through our understanding and specialist interest in both the work of our clients and the sectors in which they operate.

  • Through the provision and advice on the development of your financial reporting and accounting systems to ease the audit process and to improve financial management as a whole.

  • Through the presentation of the financial reports in an easy to understand format for non financial stakeholders, directors and managers.