Do you require an Audit?
Does your organisation have a legal requirement to have a Statutory audit carried out ? If the answer is no, you need to consider why would the cost of an audit process be justified? For many owner managed companies there is more to be gained by engaging a good service in the areas of accounting, tax and advisory in general. For those entities that are obliged to have an audit or wish to conduct one on their own terms, getting a good service and value for cost incurred is vital.
Is there a process?
Auditing is a highly complex process and the role of auditors as a vital link in the financial reporting chain has never been more important nor their role as trusted advisor more valued. It is the level of knowledge, skill and experience available in the audit team which makes the process work efficiently and effectively. It is not the length of time given by the junior staff on the audit that enhances the process and outcome.
Our approach will include:
- regular interaction and communication with your management team;
- a quality audit team responsive to your needs;
- comprehensive planning;
- use of innovative technology; and
- transparency throughout the process.
What is happening currently?
There are important changes taking place in the sphere of financial reporting and all organisations need to be aware of these changes and be confident their audit firm is fully up to date and competent to advice and deal with these changes.
Entities will have a choice of framework between FRS 102 and IFRS and some may also have a choice of FRSSE or, indeed, FRS 101. What framework is adopted will depend on the business and the circumstances, but these changes are coming, ready or not, and it would be most prudent for entities to put systems in place to effect a smooth and early transition.
There are many significant changes to accounting, including deferred tax, foreign currency, pensions, intangibles, investment property and a host of others. The general understanding is that for many the most significant change is the accounting for financial instruments. The degree to which companies will be affected depends on what is in their financial statements, the nature of business and complexity of transactions.