If the turnover of your business is currently below the £5.6 million threshold, you are not legally required for you to undergo a statutory audit. You might consider saving the annual audit fee makes sense for your business, but there are benefits to an audit beyond any legal requirements.

Our approach to delivering your audit is designed to deliver value throughout the year, turning the whole process into an opportunity to give the business a thorough health check. Creating value that will make a significant difference to your business is key to how we approach your audit.

Whether your business is small or large, privately owned and managed or a listed company, we ensure we balance the rigid requirements of compliance with your need to continue running your business successfully. We will endeavour to reduce the disruption that can be associated with the audit process, whilst developing significant insight into your business activities and its financial controls. And this insight will uncover potential opportunities to help improve your business performance.

All members of our Audit Team have undergone internal training to help them balance their technical ability with a commercial and practical approach. We always try to use the same team members for all subsequent audits, allowing them to get to know you and your business. Working this way prevents you paying for time spent learning about your processes each time the audit is undertaken – you pay for application, not education.

We make a full review of all financial controls and will advise if and how they might be improved. Repetitive tasks are highlighted and current working practices are looked at with a view to help streamline the flow of information. Schedules are prepared of all key expenditure and common suppliers are reviewed to determine if they are still delivering best value. We will also evaluate your current business systems (manual or computerized) to determine if they meet your current, or more importantly, anticipated demand.

Our audit offers you a real snapshot of your business performance. It will reveal key trends, highlight areas of profitability, alert you to new opportunitiesand warn of any potential problems. We hope to show you that the audit is as much an opportunity as it is a necessary requirement and expense to your business.

Just a few reasons why you might choose to be audited:

If your current turnover is below £5.6m, but it’s likely to pass this amount in the next few years, an early audit might be a very good idea. A statutory Audit requires the accounts for the previous 2 years also to be audited, to act as comparative and pre-comparative figures. This cost can be more expensive than if you had continued with the annual Audit from the point you suspected it may become necessary.

You might be considering selling your business in the near future and a proven track record of financial performance in the years leading up to the sale, will make a successful transaction more likely. Regular and continuous independently audited accounts provide potential buyers with the independent verification they seek when looking to buy.

Often you are too busy running your business to be involved in the day to day management of the accounts and may lose valuable insight into its financial security. The audit will highlight any weaknesses in your financial controls, ineffective accounting processes and potential omissions. It’s also a good way to guard against fraud from within your business.