The audit plays a unique role in the economy - they help to enforce accountability and promote confidence in financial reporting.
We are registered with the Association of Chartered Certified Accountants to carry out audit work. To maintain this we are required to undertake continued training to ensure our knowledge of legislation, that affects the audit, is up to date. Apart from normal audit work we also specialise in Solicitors,Social Enterprise Agencies and Travel Agents.
An audit brings important benefits for companies themselves, as well as for regulators, shareholders and other stakeholders. The statutory requirement for an audit is a major contributor to efficient management of companies, a significant disincentive to fraud, a stimulus to openness and transparency and a highly effective driver for the promotion of good corporate governance.
The audit should be considered as an investment rather than a cost to the company, because some of the benefits this brings results in prevention rather than cure.
Some of the benefits of audit cannot be quantified in money terms alone, and include:
-Published accounts are more reliable
-Financial assistance may be easier to obtain
-Fraud within is deterred and any detected frauds can result in full or partial recovery
-Company failure is reduced as weaknesses found during the audit can be discussed with the directors/managers and safe guards put in place
Some inflows of economic benefits to the company may be directly attributable to the audit process, for example:
-an audit recommendation regarding the methods utilised for disposing of scrap/ waste materials or retired fixed assets
-a recommended change in payment times or contract terms to achieve more favourable discounts
-a review of taxation payments and liabilities which uncovers Revenue errors.
The 1998 MORI research commissioned by ACCA (the MORI study) showed that, for the vast majority of lenders, the willingness to allow independent professional scrutiny of a business was a pre-requisite for financial support. Other stakeholders, such as suppliers, creditors and prospective partners, appeared from the MORI survey to derive greater confidence from the knowledge that a business has been audited.
Business owners that are planning for retirement can gain an advantage over other businesses as potential buyers will know that the company's systems have been reviewed and tested.
If you would like to discuss an audit for your business in further detail then please contact us without obligation.
We also specialise in Solicitors to comply with the Solicitors Accounting Rules and Travel Agents to comply with their obligations with the CAA.