Expert Statutory audits and voluntary audits
For many larger limited companies, undergoing an annual audit is a legal requirement. Some which are otherwise exempt, however, choose to undergo an audit voluntarily because of the benefits it can bring. Whatever your needs, ABG’s specialist audit team has experience with all sizes and types of business in every industry sector.
Many business owners regard the annual audit as a burden, sapping time, energy and money. It’s true that an inefficient audit, with inexperienced auditors, can be painful. At ABG, our philosophy is that every audit should be as efficient as possible; that they should be managed by experienced professionals, following a tried-and-tested process; and, most importantly, they should add real value.
If your company meets current HMRC criteria for a compulsory audit our experienced team can deliver the necessary review of your accounts efficiently, in line with statutory requirements. More than that, though – they’ll also add value to your business. They do that by highlighting new opportunities and identifying improvements to business processes. A quality audit also has the added benefit of winning the trust of your customers, investors and stakeholders.
Even if your business is exempt from audit there are plenty of good reasons to go through the process voluntarily. You’ll get the same benefits as statutory audit clients, set out above, only with arguably greater value as your business strives towards growth. Then, when your business has reached a size where audit becomes statutory, your accounts will be in the best possible shape. Voluntary audits also send a strong signal to potential lenders and investors about your credibility.
A straightforward audit process
Our audit process breaks down into a series of simple steps.
First, we define an audit strategy. This is based on a clear understanding of your objectives and business procedures. We then tailor our audit approach to and communicate with you not only during the audit but also throughout the year.
Next comes audit planning. In accordance with the International Standards on Auditing (ISAs) we adopt a risk-based approach to audit and prioritise resources where they’ll deliver the greatest benefit. Our assessment of the risks associated with your business are based on the sector, location, size, management structure, employees, governance issues, ethos, the complexity of your operations and so on. We will assess the key day-to-day risks faced by your business and consider how these could impact on the financial statements. We then plan our audit process accordingly.
Our approach to audit fieldwork is focused on minimising disruption. We have to ask questions, run tests and collect samples – that’s what audit work is all about. At the same time, we know business can’t stop for the audit and that you have plenty of other priorities. We’ll gather as much information as possible before we come to your office and schedule our fieldwork around your calendar. When we’re with you, we’ll keep things simple and efficient, calling on the time of you and your team as little as possible.
Finally, when it comes to communication and reporting, ABG’s audit team operates on the basis of clear and open conversation. We will keep you up to date with regulatory developments or changes that could affect your business and maintain regular communication throughout the entire audit process. A well-prepared audit report can be a powerful tool for internal and external stakeholder management.
If you would like to discuss your audit requirements and how Arram Berlyn Gardner LLP could assist you please contact us on 020 7330 0000 or email firstname.lastname@example.org
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“Audit is an essential tool which provides risk management and safeguards against potential fraud and other associated risks within your business”