Statutory Audit

Some companies are required by law to have an audit, and others choose to have one voluntarily. An audit is a review of a business’s financial statements conducted so that an audit report can be put on them. An audit opinion states whether the financial statements show a “true and fair” view.. A clean bill of health if you like.

To form that opinion our teams run a series of tests and procedures. This always starts with a planning process which requires the team to get a really thorough understanding of the business operations, its processes, and procedures.

Sometimes the audit teams’ work will find small errors. Occasionally they find large ones. More often than not though the teams will report back recommendations as to how things might be done differently to improve financial reporting outcomes. These insights come from the wealth of experience gained from working with many other clients facing similar challenges.

As well as experience in private sector (owner managed/ family companies), our audit team has experience of working with UK subsidiaries of international groups. Often referred by our friends from the HLB International network. Our firm is unusual, as half our business is from the not for profit sector. We have experienced teams who specialise in the delivery of audit work for Housing Associations, Academies, FE colleges and Charities. All of this requires in depth knowledge of the regulatory requirements specific to those sectors. We have this in abundance.

So, whilst a common reaction to an impending annual audit might be a bit of a sigh at the thought of going over the same old questions as last year again to achieve a tick in the compliance box. We like to focus on the positives. The observations and recommendations made by an independent team of specialists. A fresh pair of eyes able to provide suggestions to make things run more smoothly. And our team is lovely to work with, helpful and pragmatic, and make an audit as painless as possible.