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This can be beneficial to ensure accuracy, add value to the business and for other specific purposes.
Our team has extensive experience in carrying out audits of businesses of all sizes across various sectors in Kent and London. We are able to provide the following audit services:
Your Company will need an audit if it (or the group of companies that it is part of) exceeds the small company threshold. To qualify it will need to have exceeded two of these three conditions:
There are other regulations that may enforce an audit such as your industry’s regulatory body.
We often tell our clients “you have got to have a system” which is especially true if you are seeking to grow the business, maintain quality, and make the business less dependent on a handful of key staff or owners.
Obviously it would be nice to not to have to police the system and trust your staff, but in any organisation there are often mavericks that cut corners, reduce quality and potentially cause significant problems.
Many of our clients use our services to highlight bad practice which as well as identifying problems can often simply act as a deterrent in the first place. An internal audit can be tailored specifically for you and can include whatever you feel needs to be looked at including:
This is becoming increasing popular for clients who want to be sure that the business is operating the way they want to without having to be looking over the shoulders of their staff.
Some areas we are typically asked to look at are:
Stock and work in progress can be the most subjective figure in a set of accounts and therefore is one of the areas that HM Revenue & Customs often enquire into. If it’s not correct, it can result in misleading profit and loss accounts being supplied to management and incorrect strategic decisions being made as a result.
As part of our review we make sure your stock take considers all the key valuation aspects and therefore gives a fair valuation that would support your management accounts. We also attend stock takes to make sure they are going as planned and nothing gets double counted or missed.
As trustees it is your responsibility to ensure that the scheme is properly managed on behalf of the members and you probably want to use trusted advisers who are accustomed to the industry.
We deal with both defined benefit and defined contribution schemes of all sizes and often find that the trustees want the scheme to be audited by someone who is totally independent from the main company’s auditors. We can also produce accounts in recognised statutory formats and many of our clients use both these services.
We deal with a lot of clubs such as golf, football and rugby clubs where emotions can often run high. As a result, many clubs recognise that an independent audit brings objectivity as well ensuring accounts are accurate and that staff are following the correct procedures.
Whilst a club could opt to have a fully statutory audit, we often find that best value is obtained from what we call an “assurance audit” This is because we can focus on the areas that you see as high risk and ensure that they are running as planned.
These are not just part of our work they are required by a number of other industry and regulatory bodies as well. Such audits help to make sure that your clients view you as a safe place to keep their money.
Various regulatory bodies require you to complete an audit each year to satisfy the terms of being a member. One such example is an ARLA audit which is specifically related to members who deal with residential landlords. The main focus of this audit is to ensure that the client money being held is used appropriately.
When buying or selling a business, before the due diligence process, we sit down with our clients to assess their concerns, the tax implications and the different options available to them.
Due diligence work then focuses on that areas that you perceive to be high risk. We work closely with you reporting back our findings as we go. Any kind of mergers and acquisition is extremely time-sensitive and issues need to be resolved immediately.
Once the due diligence process is complete our audit team will pass the result to your principal adviser who will discuss with you the areas which may lead to price negotiations or other considerations.
Call us on (01474) 853856 and we will put you in contact with one of our advisers, or send us an enquiry by clicking below.
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