Audit, Assurance & Reporting

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.

Contact us now to understand whether you fall into the scope

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).

Get in touch today for expert advice on your own individual needs

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 give you the assurance that you are getting the best technical service at the most competitive price.

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Why Switch to Ridgefield Consulting

  1. Get support from your own dedicated accountant who is here to assist you from start to end, so that you have the same friendly contact that understands your whole financial situation every time.
  2. Receive exceptionally high service levels at all times. We acknowledge all communications within one working day so be assured that answering your queries is always a matter of priority for us.
  3. Free practical advice, guides and insight into managing your money or growing your business through our monthly newsletter, as well as invites to events and regular rewards.
You might think switching to a new accountant is hard work, but you simply need to let your current accountants know you are changing, and we handle the rest for you.