Your Specialist Audit Firm
The audit team is headed by Samantha J Daniels, Director and Senior Statutory Auditor.
Our firm offers both statutory and non-statutory audits, and we have an experienced team carrying out audits for a wide range of sectors.
Every audit is tailored to meet the entity’s specific requirements. During, and at the conclusion of the audit, advice will be given where appropriate to improve your entity’s procedures.
Why do companies need an audit and what are they?
An audit is an independent verification, typically supported by some form of written opinion. It is designed to provide assurances to one party on another party’s actions.
The most common form of audit derives from a requirement of the Companies Act which is the legislation that governs all companies in the United Kingdom. This is because all financial statements must be, in the opinion of the directors, true and fair. An audit report confirms that this opinion has been ratified by a competent and qualified independent person.
There are exemptions from the statutory requirement for an audit for companies that meet the criteria of a small company , however there can be advantages and benefits to a company in having an audit, such as: -
- Confirmations that internal controls are efficient. for e.g. auditors have often uncovered issues with revenue recognition and even completeness of income (missing sales) due to deficient systems.
- Provides further assurances to 3rd parties such as banks, creditors and even staff that the accounts are free from material misstatement.
- An audit can uncover instances of fraud theft and misstatement of assets etc. and acts as a deterrent to malpractice by the physical presence of auditors thereby reducing the risk of these matters occurring.
- Where there are multiple sites in a business the auditors can be used to health check branches or offices which can reduce the cost of doing this in-house.
For companies that fall under the statutory requirement for an audit it may be worth considering your audit fees. All auditors follow the same standards in auditing laid down in our professional standards so picking an auditor often comes down to location and cost.
Many companies will be able to save on audit compliance fees by moving the audit function to a smaller regional audit firm such as Pearson Buchholz. To arrange a meeting with our audit partner, please contact Samantha Daniels.
