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;
- 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.
- A financial audit will provide peace of mind that your accounts are in full compliance with statutory requirements.
- 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.
- 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