AUDIT
Why use us?
We offer an audit service if you are required to have an audit voluntarily, or because you fail to qualify as a small company, and are therefore legally required to have an audit.
Under current UK legislation, a company qualifies as a small company, and therefore are exempt from the requirement to have its financial statements audited if they meet 2 of the following 3 criteria:
- Annual turnover – under £10.2m
- Gross Asset – under £5.1m
- Average number of employees – under 50
The company will need to fail two of the above three criteria for two consecutive years, before it moves from being a small company to a medium sized company, from which it will then require that its financial statements are audited.
The audit process follows on from our accounts team preparing the company’s financial statements for its year end, from which our audit team will then take over.
To maintain our firm’s independence, we use separate members of staff to prepare the company’s financial statements, which are then discussed with the directors of the company before becoming draft accounts ready for audit.
The audit team will then commence the audit planning and audit fieldwork to ensure that the company’s financial statements are not materially misstated.
The audit is conducted in a friendly and professional manner, from which we like to build up a relationship with the audit partners finance team.
Our current audit team have continued experience in the audit field for over 20 years and have experienced audits in varying types of businesses over this time.
If you would like to call to discuss whether you would like us to engage us in the audit service, we would be more than happy to speak with you.