By using our Audit & Assurance service you will gain a better understanding of how your business works, allowing you to make informed business decisions, whilst seeing how profitable your business is.
Our independent audit services are designed to enhance the reliability of your information that can be used by investors, creditors and other stakeholders. We will give your business an honest assessment while ensuring your business is compliant with legislation. For us it is more than just a statutory requirement.
Working with management we can focus our work to go beyond minimum audit procedures and assist in looking for areas to streamline processes and to minimise errors generally, which may fall below audit thresholds but maybe relevant to OMB’s or Charities.
But who needs an audit?
Every company needs to have their annual accounts audited for each financial year unless the company is exempt:
- due to meeting specific financial thresholds
- as they are a subsidiary company with an EEA parent. This parent company must guarantee the subsidiary and make this guarantee and their own financial affairs available on public record in the UK
- due to being a non-profit making company subject to a public sector audit
In addition to the above, if you are a small private Limited company you might not need an audit of your annual accounts – unless the company’s articles of association say you do or your shareholders ask for one.
WHAT ABOUT CHARITIES
Still not sure? Don’t worry, we can easily advise whether you are exempt or not.
If you do need any audit, we provide an objective and rigorous financial assessment of your business. As well as providing an independent report for your stakeholders about your company’s financial position, we also highlight the current state of your business. We always strive to make practical recommendations to reduce business risks and to improve performance.
Our approach is based on developing an understanding of your business and we tailor our service to meet your unique requirements and circumstances.
Whilst undergoing an audit review, we understand that your day to day business must continue. Therefore when we are on site we are mindful to minimise disruption, whilst being friendly, efficient and professional. In some cases we can conduct the audit back in our office if the client provides us with all the books and records.
In order for your audit to run as smoothly as possible we ask for all accounting staff be available during the time we are conducting your audit. We will also provide you with a list of documents that will need to be prepared in advance of the audit taking place. These include primary accounting records, VAT returns, and year-end financials and salary records.
Finally, we take our audit and assurance services one step further by offering monthly health checks. Within this we review your on-going business by looking at your cash flow, your key performance indicators and include management tools to make your business more effective.