An audit is a statutory requirement for companies with a turnover in excess of £5.6 million, however many companies choose to have their accounts audited for peace of mind as an audit will:
- Provide you with an independent perspective of your business
- Confirm that you have performed your statutory duties correctly
- Provide feedback on the way you’ve approached the running of your business
- Comment on the effectiveness of internal controls and provide recommendations for improvement
An audit is a sample test of the amounts and the disclosures in the financial statements prepared for a company. The main role of the statutory audit is to provide shareholders/stakeholders of a company that the directors of a company are acting in the best interest of the shareholders and are managing the company in a way that will achieve the best return for the shareholders.
As auditors it is our responsibility to:
- Form a true and fair independent opinion on your accounts
- Confirm that your accounts have been properly
An essential element of an audit is to feel you’re receiving useful information that will benefit your business; it should not simply be seen as a ticking exercise to conform to regulations.