Some companies are required to undertake a statutory audit based on certain size criteria of assets, revenues and employee numbers. The rules determining whether an audit is required or not are complex, so if in any doubt, check with us.
If you do need an audit, our teams are trained to do the work with minimum disruption to your business. We will work wherever it is most effective which is often on-site, but can also be remotely. We follow the required standards and tailor all our testing to focus on risk areas, but at the same time we try to ensure that we add value in the process. Whilst an audit is often seen as a ‘dead cost’, we look for ways to provide commercial advice to improve controls and reduce risk, and to help you run the business more effectively in the future.
A qualified or limited audit report can have a very negative impact on credit ratings, Bank support and even affect the value of the business in a sale situation. It is critical that any issues identified are corrected and if possible a ‘clean’ audit report provided.