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.

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.

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.

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.

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.

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.