Organisations which are accountable to external shareholders, charities, schools and other entities in receipt of public funds should have sound internal control, risk management and assurance processes, including a process for checking its financial systems, controls, transactions and risks. We can offer advice to help you meet your obligations, assistance with discrete internal assurance assignments, or a complete plan of audit work tailored to your requirements. Our expertise is not limited to financial assurance but also includes helping you with your approach to risk management and corporate governance.
To qualify for an audit you need to qualify on size criteria or be ineligible for any of the exemptions. We can advise you on whether or not you are required by law to have an audit.
You could elect to have an audit even if you do not meet any of the statutory thresholds above. We can advise you on the implications of electing to have an audit.
If you do not need an audit and you don’t elect for one then you can save on accountancy fees!
However, we aim to deliver tailored, practical audits and there are good reasons for having an audit even if you are not required by law to have one:
An audit involves a thorough review of the company's accounting systems and systems of control and also requires a detailed understanding of the company's business. Such a review and knowledge can provide increased opportunities to provide proactive business advice on many matters;
An unqualified audit report can improve the status of the accounts in the eyes of banks and commercial lenders, the Taxman and suppliers who may be seeking credit references, etc;
A history of accounts with clean audit reports can also be a factor if you ever wish to sell the company, raise substantial finance or, perhaps, take it to the market;
The possibility of fraud can be reduced and an audit can act as a deterrent to any potential fraudster