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Financial Audit Services

What is a financial audit and why should you have one?

Performed by a registered external auditor, the purpose of a financial audit is to provide an unbiased insight into the financial position of a business.

During an external financial audit the auditor will check that financial statements are represented accurately and in their entirety, without any misstatements or errors. The auditor will also perform a detailed review of a company’s accounting systems and systems of control.

Read our Financial Audit Preparation Checklist.

Financial audits are required by law under certain circumstances, which we will discuss below, however even when not a legal requirement, there are plenty of reasons why a business could benefit from a financial audit;

  1. A financial audit report provides a professionally documented statement which supports a business’s financial position and could be used as the basis for future finance or mortgage applications.
  2. A financial audit will provide peace of mind that your accounts are in full compliance with statutory requirements.
  3. A financial audit requires a detailed understanding of the business and its processes. Such knowledge can present the opportunity to provide proactive business advice on many matters.
  4. The possibility of fraud can be reduced. An external financial audit can act as a deterrent to any potential fraudster.

Who is required to have a financial audit?

For accounting periods starting on or after 1st January 2016 a statutory audit is required when two of the following company audit thresholds have been met;

  • annual turnover of more than £10.2 million
  • assets worth more than £5.1 million
  • 50 or more employees

You are also required by law to have a statutory audit if;

  • You are a PLC or a banking, insurance or finance company (or a subsidiary of one of these)
  • You are required by your professional or trade organisation to have your accounts audited
  • Your shareholders do not agree to opting out of the audit

Our financial auditing services

Our financial auditing services are available at our clients convenience. Each client is assigned a dedicated auditor to work with and we will conduct the audit from your premises, or in some instances, remotely through the use of modern technology.

Our core auditing services include;

  • Statutory audits
  • Internal audits
  • Specialist audits
  • Due diligence
  • Minimising fraud exposure

Get in Touch

Please contact us if you need further advice, have any questions about our services, or would like a free consultation or a fixed quote.