Our audit services adhere to all professional standards issued by the Auditing Standards Board, the Financial Reporting Council and the Institute of Chartered Accountants in England and Wales, giving you peace of mind that your accounts are fully compliant with statutory requirements. We also use the process to identify strengths and weaknesses in your business and its controls and suggest ways of improving them.
Audit & assurance services
We provide a tailored approach to audits, to fit the size and complexity of your business. This is achieved through our understanding of our clients and their businesses, which we develop through our close relationship with our clients.
Audit requirement threshold
The Government recently confirmed that the audit threshold would increase in line with the changes to the small companies’ threshold.
Companies are not now legally required to have an audit for the financial years commencing on or after 1 January 2016 in most cases if, at their balance sheet date, they satisfy at least two of the three following criteria for two consecutive financial years:
- turnover of no more than 10.2m
- gross assets (total of fixed current assets) of no more than 5.1m
- no more than 50 employees
- and, they are not otherwise excluded from accessing the audit exemption
The rules can be more complicated in some situations and if you need clarity on your obligations, we would be happy to assist. Please contact our Leeds office on 0113 398 1100 and we can help clear up whether you require an audit or not.
This means that even more companies do not require a statutory audit. However, the Institute of Chartered Accountants England & Wales (ICAEW) have consistently said that in their view auditing promotes sound financial practice, and our experience is that most companies continue to have their financial statements audited voluntarily as directors and shareholders understand the benefits an audit can have for their business including:
- helps to identify weaknesses in the accounting systems and enables us to suggest improvements
- assures directors not involved in the accounting functions on a day-to-day basis that the business is running in accordance with the information they are receiving, and helps reduce the scope for fraud and poor accounting
- facilitates the provision of advice that can have real financial benefits for a business, including how the business is running, what margins can be expected and how these can be achieved
- enhances the credibility and reliability of the figures being submitted to prospective purchasers and for fundraising.
- provides assurance to shareholders (particularly if they are not directors closely involved in the business) that the figures in the accounts show a true and fair view
What do our auditors do?
It is important to think of our auditor as a business partner – we are here to help, with any challenges to your current practice we make being part of this help.
Some of the key audit services that our auditors provide includes:
- assisting management in the improvement of internal controls
- evaluating risks
- analysing operations and providing additional analysis to assist with your business plans
- working with other assurance providers
Why choose our audit & assurance services?
An audit is a sign of good governance and shows your commitment to good internal controls and willingness to use external advisors – all of which are appealing to potential investors, as well as regulatory bodies.
This is beneficial to all companies, including those looking to sell, growing businesses seeking finance and not for profit organisations.
Our Leeds audit firm has a passion for delivering quality and timely audits and our auditors have a personal and hands-on approach, putting our clients first every time. We work with businesses throughout the Yorkshire Region and across all industries.
Our goal is to ensure that new regulation is effectively, efficiently and seamlessly dealt with. We proactively deal with issues that are fundamentally important to the prosperity and growth of your organisation.