Audit, Assurance & Reporting
With growth and achievement, your company may need an audit. This does not have to be difficult and there are positives to be gained from the audit process.
To start: does your company need an audit?
- Is your annual turnover > £10.2 million
- Are your assets worth > £5.1 million
- Do you have > 50 employees
You may qualify for an audit exemption if your company does not meet at least 2 of the criteria.
However, it’s worth noting that even if you do not meet the above criteria, you may need an audit for certain investors.
An audit may also be needed for specialist areas. Here at Ridgefield Consulting we have a wealth of experience in the audit of Pension Schemes in particular. Our managing director has a background from Ernst & Young, Crowe Clark Whitehill and is an active member still of PRAG (Pensions Research Accountants Group).
What is the process if an audit is needed?
Audit is split into 4 areas:
- Planning – We decide, with your input, the most effective areas to review
- Fieldwork – During interim onsite work, we test your controls and systems
- Fieldwork – For final onsite work, we test samples of calculations
- Wrap up & completion – we provide a report on our findings for you
How can an audit go wrong?
Generally from two points:
- disagreements between the auditor and the directors
- limitations in evidence stopping the auditor from making conclusions
What benefits can an audit provide?
- An independent examination of your company’s processes allows an auditor to highlight any inaccuracies as well as recommend areas that can be made more efficient
- Spot fraud – we have a duty to review and report on any suspected fraudulent activities
- Corporate governance; we can offer and implement risk registers and supplemental internal control reviews, further strengthening your efficiencies
- CSR – corporate and social responsibilities; we’ll highlight any areas for improvement, matters to appeal to shareholders and future investors alike
- Bank finance; a clean audit can help in future expansion plans and acquisitions, and even sale
- Credibility – a clean audit can help with suppliers and credit terms; insurers often have more faith in audited accounts
Having been trained by the UK’s leading accountancy firms, our auditors at Ridgefield Consulting gives you the assurance that you are getting the best technical service at the most competitive price.