Audits

Are you concerned about audits?

The number of high profile companies that have come to grief due an audit is on the rise.  However, these are the exception rather than the rule.  The vast majority of companies benefit from external audits as they give you much valuable advice.  It is only when something under-hand is going on that they cause problems.

The first question though is does my company require an audit?  Only companies with a turnover greater than £6.5m or with assets worth more than £3.26m legally require an audit.  You may also be required to have an audit

If you are required to have one, then we can help you to meet your legal obligations and provide you with key information to help you better manage and grow your business.

Undertaking this type of review can enable us to provide proactive business advice on many matters. We can show you how to increase your profit, reduce your overheads, improve processes for greater efficiencies and grow your business.

It can also help you in numerous other ways:
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An audit report can improve the status of your accounts in the eyes of banks and commercial lenders, HMRC, suppliers who may be seeking credit references, etc.
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A history of accounts with clean audit reports can be a deciding factor if you decide to sell your company in the future
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The possibility of fraud can be reduced and an audit can act as a deterrent to any potential fraudster. There are many instances of successful companies failing simply because a dishonest employee was syphoning off money.
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Weak financial controls can be detected and corrected so your business is more secure moving forward.
You should not be concerned about audits but instead see them as a health check for your business. If you would like more information, then you are invited to