We can perform your auditing and financial analysis with a minimum of fuss and maximum efficiency and accuracy. However, we aim to deliver hassle free audits and there are good reasons for having an audit even if you are not required by law to have one…
• An audit involves a review of the company’s accounting systems and systems of control and also requires a detailed understanding of the company’s business. Such a review and knowledge can provide increased opportunities to provide proactive business advice on many matters.
• An unqualified audit report can improve the status of the accounts in the eyes of banks and commercial lenders, HM Revenue & Customs and suppliers who may be seeking credit references, etc.
• A history of accounts with clean audit reports can also be a factor if you ever wish to sell the company or, perhaps, take it to the market.
• The possibility of fraud can be reduced and an audit can act as a deterrent to any potential fraudster.
We can deal with all aspects of your Audit requirements, as we are Registered Auditors certified by the Association of Chartered Certified Accountants (ACCA). Audits are carried out under AIM Audit Limited. The turnover threshold which currently exempts most companies and limited liability partnerships (LLPs) from a statutory audit is £6.5 million.
Not all companies with turnover under £6.5 million come within the audit exemption provisions, because there are criteria other than turnover. In particular, companies not classed as small or whose total assets exceed £3.26 million must have an audit. Public companies and those carrying on particular types of business, such as insurance broking and financial services are also subject to an audit.
Besides helping you meet the statutory requirements, we also take the opportunity to conduct a review of your financial and management systems. This can often result in our identifying potential problem areas and recommending opportunities to improve your business performance. We discuss the problems and opportunities with you and help you implement any agreed solutions.
We see the preparation of your annual report as an opportunity to enhance your external image. A well-prepared report can have a considerable positive impact on the perceptions of investors, potential finance sources, customers, prospect, referral sources, and even your own staff – all of which greatly improves your business prospects for the future.