Company Audits
Company Audits - What Are They?
Company Audits – What this means is taking a comprehensive look at a variety of areas in your company. For instance, financial operations, identifying business risks or simply providing you with a better understanding of your business, through company audits.
A company needed to have a turnover threshold of £6.5 million for a company audit to take place. This was up until December 2015.
But, from January 2016, there needed to be an annual turnover of no more than £10.2 million. You can read the full government guidance.
Therefore, as a rule of thumb, there are two different types of Company Audits:
Non-statutory company audits
So this is where a business has chosen to have a company audit. And this is irrespective of whether they’re required to have one legally. Here we see businesses choose to have a non-statutory company audit. This is in order to help keep suppliers, credit insurers and banks happy.
Statutory company audits
Statutory company audits are basically a legally required review of the accuracy of a company’s financial records. And the main difference between this and a non-statutory audit is simply that this audit has been required by law!
Why is a Company Audit important?
Using an auditing firm, or any registered auditors, to complete an audit of your company is important. For example, it helps you oversee your business and identify any issues or any ways you can save money. In addition, it also reassures shareholders, lenders and creditors that your financial statements are reliable.
An audit can result in real business advice helping you to develop and grow your business.
Why you should use Go Impartial to find a reliable auditing firm or registered auditor
The team at Account Match have the precise expertise to help you find the right company auditor for you. Further to that, it’s important to find an auditing firm that is reliable and offers real value. As well as matching you with a registered auditor who has plenty of experience.
Go Impartial can help connect you with the correct auditor to help with things like:
- Business strategy planning
- Marketing advice
- Management training
- Assessment of financial performance
- Audits of charitable organisations
- Internal reviews of financial systems and controls
- Reviews of financial records and statements
Most importantly, our auditing firms include a comprehensive and independent analysis with advice and your businesses’ best interests at heart.
Auditing advice: here’s what else you need to know
Did you know that a shareholder can request an audit to take place at any time?
Which is why it’s important to have an accountant or auditor prepared to help at any time. By working with an auditing firm, you can be assured that all your financial statements are up to date.
Also, it’s important to remember that the right registered auditor for you will become an extension to your business. And they will earn your trust and tailor their approach to ensure they understand your business goals.
Any company audit relies upon clear communication and the ability to share advice on issues, as they are identified. Therefore, many auditing firms will also try to make their company audit have as minimum impact as possible. Leaving you to go about your day-to-day business.
Not all companies are required to have a statutory audit. Small companies can be exempt from an audit if: their turnover is less than £10.2m, their balance sheet is no more than £5.1m and the average number of employees falls below 50.
Where to find a reliable auditing firm or registered auditor
Finding the right auditor for you can lead to effective and timely audits that result in independent advice to help your business grow and expand.
Account Match can connect you with a registered auditor or reliable auditing firm. And they can help with a variety of different areas. These range from audits of charitable organisations and assessment of pricing strategies, to management training and support.
So do get in touch with Go Impartial today for a comprehensive and helpful company audit today.
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