Audits can be a valuable tool for building resilience and growth within an organisation and shouldn’t just be viewed as a simple compliance requirement.
By conducting a thorough audit, companies are often able to reveal:
- Areas of weakness
- Short and long-term risks
- New opportunities and savings
- Fraud
The approach to an audit should be designed to be smooth and efficient whilst being robust. Your auditor begins the process by spending time with you to develop a deep understanding of your business and the specific risks that you face.
Understanding your business also includes gaining a detailed understanding of your systems and controls.
This process not only informs the auditors’ decision making, when identifying key audit risks, but also allows them to assess which controls they should formally seek to place reliance on.
Regular and open communication should underpin your auditor’s approach. They should work to deliver an efficient audit ensuring there are no surprises along the way.
In the best audits, this is a year-round conversation rather than a once a year “one off” exercise concentrating on:
- Planning
- Interim
- Audit Fieldwork
- Reporting
- Feedback
Auditors should be committed to not just making sure that financial statements comply with financial reporting standards but also deliver real value and insight based upon their experience.
The best auditors are able to call on sophisticated data analytics techniques to better understand your financial transactions.
Every audit should deliver tangibles to your business that help with your future business planning and strategy.
No business should ever choose a new auditor without asking for up to date client references and a proposal that clearly demonstrates their understanding of your business landscape and strategy.
The value of our audit service
Our auditing procedures are designed to comply with all relevant legislation and legal requirements and ensure that you gain the most out of an audit by our Auditors.
Our audits will highlight potential problems and business risks and provide you with advice and information that is both useful and understandable.
For many businesses, an audit is a legal requirement based on the size and trading style of the company or organisation, whereas others require specialist audits to be performed.
Our experience of specialist audits includes:
- solicitors
- pension schemes
- clubs and associations
- FCA regulated businesses
- charities
- ABTA
For information on our audit services, or to book a consultation, contact us.