We provide the following audit accounting services:
Our audit accounting services are designed to meet statutory compliance requirements with precision and expertise. Audits are a mandatory process for larger corporate entities and specific sectors, such as charities, adhering to rigorous international standards.
These audits ensure transparency and accuracy in financial reporting, providing stakeholders with confidence in the financial health of the organisation.
Our Audit Process:
1. Planning
The process begins with necessary handover procedures, followed by planning meetings for an initial discussion on the financials. Internal controls and financial systems are evaluated to identify potential risks, and the audit strategy is outlined.
2. Fieldwork
Planned on-site or remote audit activities are executed, with a thorough review of all fieldwork undertaken during the process.
3. Completion
An analytical review is conducted to ensure accounts comply with the reporting framework. A post-balance sheet review is performed, the report is finalised, and key points are documented during a debrief.
Why Griffin Chapman?
Our approach to audits is both methodical and collaborative. While maintaining the necessary independence and objectivity, we strive to work closely with our clients to ensure the process is smooth and informative. Our audits not only fulfil legal obligations but also offer valuable insights and recommendations for improvements.
We have a proven track record of successfully managing complex audits for large organisations. Our team at Griffin Chapman is dedicated to guiding you through the audit process with professionalism and care, making sure you meet all regulatory requirements while benefiting from our in-depth expertise.
Advising Businesses For Over 80 Years
We offer a personalised, friendly service to a diverse range of businesses, tailoring our expert support to meet each client’s unique needs and regulatory requirements.
FAQs
Do I need an audit?
The need for an audit often depends on various factors, including legal thresholds and specific requirements that can change over time. The criteria for mandatory audits may vary based on company size, type, and regulatory changes. It’s important to stay informed about these thresholds, as they can shift due to legislative updates or changes in financial regulations.
How do audit requirements change?
Audit requirements can evolve based on changes in legislation, such as those experienced post-EU exit. Regular updates to regulatory standards mean that what is required today might differ from future requirements. Staying informed about these changes is crucial for ensuring compliance.
What is the audit process at Griffin Chapman?
The audit process begins with a planning meeting before the year-end to address any potential audit planning points. After the year-end, we wait for the client’s trial balance and figures to be finalized. Once confirmed, we initiate the audit planning and fieldwork. Our team will then conduct the audit, working closely with the client to arrange a suitable date for the audit procedures and presenting findings and recommendations upon completion.
How involved is Griffin Chapman in the client’s internal finance functions?
As auditors, we maintain independence from the client’s internal finance functions to ensure objectivity and impartiality. We do not engage in the day-to-day financial operations but focus on evaluating the accuracy and compliance of financial statements.
What value does Griffin Chapman add beyond compliance?
While audits are statutory requirements, we strive to go beyond mere compliance. Our objective is to provide actionable insights and recommendations for improvement. The independent perspective we offer can highlight areas for enhancing financial systems and processes, adding value beyond meeting compliance standards.
How does Griffin Chapman handle interim testing during the year?
To reduce the pressure of year-end compliance work, we conduct interim testing throughout the year where possible. This approach helps manage the workload and ensures a smoother audit process at the year-end, contributing to a more efficient and less stressful audit experience.
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