An audit is the independent examination of an organisation financial statements. The financial statement includes a balance sheet, an income statement, a statement of changes in equity, a cash flow statement, and notes comprising a summary of significant accounting policies and other explanatory notes.
The main reasons why you will be required by law to have a statutory audit are;
For accounting periods starting on or after 1 January 2016 audit thresholds are aligned with the new qualification as a small company. If companies (including LLP’s) fulfils two or more of the following criteria an audit is statutory requirement, if not they are exempt
However, we aim to deliver hassle-free audits and there are good reasons (please read below why have an audit) for having an audit even if you are not required by law to have one.
Having independent and unbiased confirmation of the businesses financial position and processes are useful for a variety of reasons:
We are authorised and registered to carry on audit in the UK by Association of Chartered Certified Accountants (ACCA). As registered auditors we act for organisations of every type and size. Our clients are active in all branches of commerce and industry, ranging from small businesses to large corporations.
An audit allows owners and directors to take comfort in the fact that their accounts are true and fair, and can highlight areas where progress can be made.
Our approach to audit is risk based and constructive. The process gives us an opportunity to understand exactly how your business and its financial systems have been performing, and to identify how that performance could be improved. You can also be assured that our audit work is organised in such a way as to minimise interruptions to your operations.
Our work is partner-led and clients have access to senior members of the firm at all times. In selecting members of the auditing team to support the partner, we ensure we choose staff with appropriate experience and expertise. Once the fieldwork is complete, it will be reviewed in detail by the audit manager and partner, not only to ensure that all appropriate matters have been considered but also, crucially, to ensure that our clients have received value for money.
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