Sometimes an audit can seem to be a burden to a company, an expensive, necessary evil that adds no value at all. However, when we carry out an audit, we do so with the aim of helping you to develop a deeper understanding of your business and translate this knowledge into an action plan that will help you grow and flourish. To us an Audit is more than a box ticking, number crunching process.
What is an Audit?
An Audit is a detailed review of the accounts and records of an organisation, including the accounting systems and controls. It ensures that the accounts have been
properly maintained, are accurate and comply with accounting standards and legal requirements. An Audit will give a true and unbiased view of the financial state of an organisation.
Who is required to have an Audit?
Legally companies that satisfy at least of the following criteria must have an Audit carried out by an external Registered Auditor:
- An annual turnover of more than £10.2m
- Assets worth over £5.1m
- 50+ employees
If it’s not required by law, are there other reasons why an Audit should be carried out?
An Audit is a perfect way to assess your businesses financial controls and work out where they can be improved. In addition, an audit report can improve the status of your accounts in the eyes of banks and commercial lenders and other suppliers who may be seeking credit references. A report may also be useful if you ever wish to sell the company or take it to the market.
The possibility of fraud can be reduced and it may act as a deterrent to any potential fraudster.
We perform a range of specialist audits and assignments in the following areas:-
- Solicitors Accounts
- Registered Social
- Community Interest
- RICS and Estate
- FSA registered