With the use of careful planning by trained and experienced staff an audit can become more of a “corporate health check” and provide real value to clients by helping to identify and report weaknesses, savings and opportunities. Whatever your requirement may be these can always be accommodated.
Whilst the turnover threshold for a statutory audit is currently £6.5m, there maybe a bank or shareholder requirement for audited accounts. Perceptions of types of accounts filed at Companies House can also be important. Factors that should be considered may be:
• Assurance – an audit can give confidence in a number of areas
• Credibility – audited accounts have increased credibility, particularly with external organisations
• Advice – knowledge of the business gained through auditing can enable informed advice to be given in other areas
• Fraud – an audit may help to detect fraud
• True and fair view – audited accounts must still comply with accounting and auditing standards and company law
• Taxation – knowledge obtained during the audit assists with taxation work