Audits provide valuable, reliable information to business owners. They can also be the starting point for an ongoing and constructive conversation about the future of your business.
To carry out an audit effectively, we need to understand your business inside out, as well as auditing your financial records. This understanding is a key part of our philosophy of building and maintaining strong, long-term relationships with our clients.
We also understand the need for the audit process to be efficient and cost-effective.
Each audit is carried out with a down to earth, practical approach and all the expertise associated with a long-established firm, thanks to a skilled and knowledgeable team that includes partners and managers who can draw on experience gained in larger audit practices.
Our client-focused approach to your audit can transform what many companies often think of as an unwelcome overhead into a valuable annual health check and an integral part of our relationship with your business.
As a result of regulatory changes to audit thresholds in recent years, many companies are no longer required to have a statutory audit. While many companies have continued to have an audit for various reasons other companies still want to have their accounts reviewed externally, without the need for an audit.
The scope of a limited assurance review does not include verification procedures, as in a full audit, but does include discussions with management about the treatment of key items, application of analytical procedures to the financial statements and assessment of whether the applied accounting policies are appropriate and adequately disclosed.
The scope is insufficient to allow the reviewer to give an opinion on whether the accounts give a true and fair view. Instead, the assurance review report concludes upon whether, based on the review, anything has come to the reviewer’s attention that suggests the accounts are not true and fair.
Limited assurance review may appeal to the following companies:
those preparing for growth
those seeking comfort for management and reassurance for stakeholders
those seeking finance or to reassure existing lenders and investors about the quality of their financial statements
owners looking to sell a company and for potential acquirers
those who want assurance but would rather not incur the cost and time burden of a full audit
The cost of a limited assurance review will be greater than accounts preparation as more detailed work will be required. However, it will cost less than a statutory audit. The work involved will be tailored to the key areas of your company’s business and your specific requirements.
For more information, or to arrange a free initial meeting, please contact Muhammad Dar on 01925 551764