When do you require an Audit?
Many accountancy firms present Audits as an “added value” service. But let’s be honest – you often need an audit because you have no choice!
If you are a limited company and your turnover or Balance sheet is greater than the set limits, or the bank or shareholders insist, then you require an Audit. There could also be various other reasons where you require your accounts to be audited.
As auditors, it is our job to help you meet the current statutory audit requirements, but we also take the opportunity to ask our accounting team to conduct a review of your financial and management systems. This review can often result in our audit identifying potential problem areas and recommending opportunities to improve your business performance. We will always discuss and communicate our findings with you and our auditors will discuss with you any opportunities that might exist to help you implement any agreed solutions.
Like all our other services, we operate on a fully fixed-fee basis.
If you need a specific audit or assurance over particular areas of your business, we are happy to help. We can provide you with:
- Grant audits – for grant recipients who need to establish that funds have been spent in line with the conditions of the grant
- Service charge audits – for tenants of leasehold properties who want reassurance that their service charge payments are being correctly used
- Solicitor Accounts Rules (SAR) audits – specific statutory review for solicitors who hold money on behalf of their clients
- Rental audits – for tenants and landlords in rental agreements (turnover-related) who need an independent report to confirm trading activity
- Internal audits – a review of internal procedures and controls at transactional level, for management who want an ongoing check on how things are running
- Audit of completion accounts – to determine the value of assets and liabilities of a business, company or division at the point where it being bought or sold
The end result
At ESNA, when we audit your business, you’ll get more than just statutory reports. Your audit will have:
- real impact on how your business performs – you can receive useful information into your past performance that you can use to make improvements in your business. We can also use our expert business knowledge to help generate new ideas so you can perform better now and plan well for the future.
- an analysis of your business’ strengths and weaknesses – you’ll receive some valuable feedback on your key systems, controls and risks in your business structure, your susceptibility to fraud and how you can make your controls stronger.
Our Audit team sees the preparation of your annual report and your audit as an opportunity to enhance your external image. A well-prepared audit report can have considerable positive impact on the perceptions of investors, potential finance sources, customers, referral sources, and even your own staff – all of which greatly improves your business prospects for the future.