Although changes to audit exemption rules mean that fewer businesses need to undergo a statutory annual audit, many small and medium-sized enterprises (SMEs) must still undergo an annual audit.
And because audits provide reliable, valuable financial information, that demonstrate the integrity of their accounts, some clients voluntarily undergo an audit, even when they are not legally required to do so, for a range of reasons.
These include to satisfy lenders when sourcing funding, to demonstrate credibility to shareholders and other stakeholders or to strengthen financial discipline within the business. A voluntary audit could also be useful to interested parties, such as potential purchasers, in the event of an exit from the business.
At Holeys accountants our experience in this specialist field means that we don’t just audit financial records. Because we make sure that we understand each client’s business, the industry in which they operate and the wider economic and other factors that affect them, we’ll tailor our audit and advice to their specific circumstances.
We’ll deliver an audit that allows business leaders to review the key drivers within their business, their financial controls and management systems. By working to identify potential problems and risks and how best to resolve these, we also use audits to open the door to future performance improvement and growth.
Our audit skills are particularly suited to SMEs and we also provide an assurance service to audit-exempt companies. Carried out under Institute of Chartered Accountants in England and Wales (ICAEW) guidelines, this service is designed to provide additional assurance to users of the these companies’ accounts without undertaking a full audit.
We also carry out specialist work for businesses requiring Registered Auditor reports, including providers of financial services, solicitors and surveyors and for pension schemes.
As Registered Auditors under the Companies Act, we must demonstrate our ongoing commitment to challenging quality and technical standards to have obtained, and retain, this accreditation. The audits we prepare adhere to all professional standards issued by the Accounting Standards Board, the Financial Reporting Council and the ICAEW.
For more information about our accountancy, tax and business advisory services, or to arrange an initial free meeting, please contact us.
Details or our audit registration can be viewed at www.auditregister.org.uk under reference number C005390928.