An audit is the process of examining your accounts and the underlying records to ensure they show a true and fair view of your affairs over a certain period. It’s something you may simply have to have done, but if you do, we will get the maximum benefit out of the process for you.
We will give you feedback on the internal controls and systems within your business and make recommendations as to how this can be improved. This way, your audit won’t just be a compliance cost, but something you actually benefit from.
When might you need an audit? If you’re a limited company and you meet two of the following three criteria, your annual financial statements will need to be audited:
- Turnover of £6.5m or more
- Net assets of £3.26m or more
- 50 staff or more
Audits are sometimes needed for other reasons, for example if your Memorandum & Articles require it, if it’s needed to meet bank covenants, or if shareholders ask for an audit.
We are registered to carry out audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales under registration number C002377068. Details of our registration can be viewed at www.auditregister.org.uk
Audit regulations can be accessed at www.icaew.com/regulations
APB Ethical Standards can be accessed at www.frc.org.uk/apb
Read our recent article to find out why your audit should be more than just a compliance burden.