Auditing

Companies with a turnover and/or assets above a certain threshold must undergo an audit to confirm that their annual accounts are accurate and comply with the law.

Additionally, is your company is small, but is a subsidiary of a large company group, then you must consider the size of the global group.

You may need to complete an audit, if the global group exceeds any two of the three following thresholds:

However, your company may undergo an audit if the shareholders or articles of association require this.

Shareholders may require that an audit is carried out, for example, if they are not involved in the day-to-day running of a business and want reassurance that their investment is being properly looked at.

Additionally, if you are applying for additional finance, your bank or other lender may require an audit.

Adding value to your audit

Our aim is to use the audit process to add value to your business. In doing so, a key priority will be to make sure that we thoroughly understand your business, including:

• How it operates,
• The major issues that you and your managers face
• Your existing controls.

When we carry out an audit, we look at it as a yearly opportunity to review the ongoing development of your business.

We can help to identify weaknesses in your internal financial and management systems and controls and offer advice on improving these.

We will also advise on ways that you can run your business more efficiently, including offering recommendations to improve your accounting systems through the use of the latest technology.

Details about our audit registration can be viewed at www.auditregister.org.uk, under reference number: C006823932.