Company Audits


FIRST OF ALL - DO YOU NEED AN AUDIT ?

·         IF you meet two of the following:-

Your turnover is below £6,400,000 per annum

your total assets have a value below £3,260,000

you have less than 50 Employees

·         AND you have not received a request from a shareholder for an audit

·         AND you are not within certain specialist categories

only then can you opt not to have an audit.

BUT you may feel more comfortable with your accounts and systems if an audit is performed.


OR your bank may require an audit to take place.

SECONDLY - WHAT ARE THE BENEFITS TO YOU OF AN AUDIT ?

EFFICIENCY - Within your organisation there are controls which exist to ensure maximum efficiency to all aspects of the business. An audit can assist in identifying those areas where basic controls are weak and can highlight to management shortcomings in the overall business structure. Where weaknesses exist the audit enables you to address these areas in order to increase efficiency and reduce costs.

COMPLIANCE – Current statutory requirements mean that you have to be aware of all aspects of accountancy rules. The audit identifies those areas where the company’s financial statements are deficient so as to ensure that you comply with generally accepted accounting principles. Customs are starting to align the taxation treatment with the accounting treatment.

SECURITY - The prevention and detection of fraud, both internally and externally, can be aided by suitable audit techniques.

Terence L Smith & Co assist our clients with the statutory requirement for the audit of limited companies being authorised by the Institute of Chartered Accountants in England and Wales.

TERENCE L SMITH & CO
Registered Auditor & Chartered Accountants
38a Station Road, New Milton, Hampshire, BH25 6JX

Find out more about US at: DS&Co

 

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