Audit and assurance

Audit & Assurance Services

Our audit service is designed to minimise disruption and apply the right amount of rigour. We’ll work with you to analyse problems, deconstruct processes, and ultimately come up with solutions that work for you.

Preparing yourself for an audit can feel stressful and time-consuming – but we work hard to make the process as seamless as possible. We’ve guided hundreds of clients through audits – both compulsory and voluntary – and put a close working relationship at the centre of everything we do.

Before we get started on an audit, we’ll take time to talk to you about your business, how you think it’s going, and any areas of concern so that we understand exactly where and how we can help.

Audits are compulsory for larger businesses, and many smaller firms will choose to undergo one in order to better understand their own financial situation. The green-tick of an audit can reassure lenders and investors, as well as give boards and internal stakeholders confidence that things are running as smoothly as possible. 

To find out more about how our team can help with an audit, contact us today.

 

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External audit

Our team has a keen eye for business finances and will help identify any pitfalls your company may be heading towards.

External Audits

Internal control review

Get the assurance you need about your systems and documentation to protect your business.

Internal control review

SRA audit

We have a dedicated Solicitor’s Accounts Rules (SARs) team, assisting clients with their regulatory compliance including ‘SRA audits’ where required.

SRA audit

Grants audits

Helping you secure and keep the funding for your next big project by making sure the figures line up, with a comprehensive grant audit report.

Grants audits

Auditing – Our Guide

What is an Audit?

An audit is a thorough examination and assessment of a company’s financial statements, internal controls and accounting practices. This ensures the financial information presented is accurate, reliable and compliant with relevant laws and accounting standards. In essence an audit is an independent review of a company’s financial health, to ensure the financial statements are a true and fair representation of the company’s financial position.

Types of Audits

There are several types of audits, each with a specific purpose:

  • Financial Audit: This involves a detailed examination of a company’s financial statements to ensure they are accurate and compliant with accounting standards.
  • Compliance Audit: This type of audit reviews a company’s internal controls and procedures to ensure they adhere to relevant laws and regulations.
  • Operational Audit: This audit evaluates a company’s internal controls and procedures to identify areas for improvement and enhance efficiency.
  • External Audit: Conducted by an independent external auditor, this audit provides an unbiased assurance that a company’s financial statements are accurate and reliable.
  • Internal Audit: Performed by a company’s internal audit department, internal audits assess internal controls and procedures to ensure they are effective and efficient. These audits inform decision making and ensure compliance with laws and regulations.

 

 

The Audit Process

The audit process involves several steps:

  • Planning: The auditor starts by planning the audit, defining the scope, objectives and procedures to be followed. This includes developing robust audit procedures to identify audit risks and responses to those risks.
  • Risk Assessment: The auditor assesses the risks associated with the company’s financial statements and internal controls.
  • Fieldwork: During this phase the auditor performs various tests and procedures to gather evidence and evaluate the company’s internal controls and financial statements.
  • Audit Report: The auditor then prepares an audit report, summarising the findings and conclusions of the audit.
  • Follow-up: Finally the auditor follows up with the company to ensure any recommendations or findings are implemented.

Benefits of an Audit

An audit helps maintain transparency, ensures compliance with regulations, and builds trust with stakeholders, including investors, creditors, and customers. Through detailed examination and verification of financial records and business procedures, audits can identify potential weaknesses, inefficiencies, or irregularities that might otherwise go unnoticed.

  • Assurance: That your financial statements are accurate and reliable.
  • Improvement: Areas for improvement in internal controls and processes.
  • Compliance: Compliance with relevant laws and regulations.
  • Transparency: Within the organisation.
  • Decision-Making: For risk management.

When Do You Need an Audit?

Companies in the UK face specific legal obligations regarding financial audits based on their size, structure and shareholder agreements. These requirements safeguard transparency and financial accountability.

The audit thresholds are in the process of changing. Find out more from our guide on the latest audit thresholds here.

Understanding Audit Exemptions

Small companies can qualify for audit exemptions if they meet the size criteria for two consecutive years.

The exemption does not apply if:

  • The articles of association mandate an audit

  • Shareholders holding at least 10% of shares request an audit

  • The company is part of an ineligible group

Voluntary Audits and why you might consider one

Some companies choose voluntary audits despite qualifying for exemptions. This decision often stems from stakeholder requirements or business benefits.

  • Enhanced credibility with lenders and investors

  • Improved internal controls identification

  • Better financial management practices

  • Stronger position for future growth

UK subsidiaries of overseas groups frequently opt for voluntary audits to maintain group reporting standards.

 

Audit & Assurance Blogs

When do you need an audit?

Audits may seem like a once-a-year routine for many businesses, often associated more with larger corporations than small enterprises. However, audits are increasingly beneficial for organisations of all sizes, offering insights beyond compliance. They can help us...

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Ready to connect?

If you’re curious about how we can help you, please reach out: our team is very keen to hear from you.

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