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Audit and Assurance

"A consultant is a man sent in after the
battle to bayonet the wounded"
Author Unknown

The main reasons why your company will be required by law to have a statutory audit are...

1. Turnover exceeds £6.5million or gross assets exceed £3.26 million or the company is part of a group that exceeds those limits.
2. The company is a PLC or a banking, insurance or finance company (or a subsidiary of one of these).
3. The company is required by a professional or trade organisation to have the accounts audited.
4. The company's shareholders do not agree to opting out of the audit.

However, we aim to deliver hassle free 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 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, HM Revenue & Customs 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 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.

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