Audit Benefits

21st August 2013

Painless Audits!
It is a common misconception that the purpose of an audit is to find errors or fraud within a company’s financial records. However, the real purpose is to give readers of financial statements confidence that they give a true and fair view of the actual trading performance.

At Whiting & Partners our approach is to provide a dedicated team responsible for each of our client’s needs. This enables us to maintain a better knowledge & understanding of our clients’ businesses, which in turn creates opportunities to add value with proactive advice, as well as generating increased confidence in the financial statements as a result of a ‘clean’ audit report.

We are well aware of the longstanding stigma associated with the ‘invasion of the auditors’, however we endeavour to work with staff to ensure that it can be a positive, constructive experience for all involved.

Business owners should be aware that the UK audit thresholds have recently been aligned with accounting thresholds for small companies, meaning that small companies with accounting years ending on or after 1 October 2012 will be entitled to an exemption from a mandatory audit if two of the following three criteria are met:

  • No more than 50 employees
  • No more than £3.26m gross assets
  • Less than £6.5m turnover

So, if you would like a painless audit, we look forward to hearing from you

Other items in Audit
Jaimie King
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Jaimie King
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Jonathan Moore
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Daniel Christopher
29th October 2018 Great audit expectations

No audit sets out to conclude with total confidence that a set of financial statements are 100% free from any misstatement. To do so would belie the technological reality and scale of modern business; auditors would likely become a permanent fixture at client premises to review every single business transaction and audit would become an…

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Jaimie King
20th June 2017 Brexit: The end of UK audits?

Audit thresholds are linked to the small company limits, which are currently set by the EU. The UK can choose to impose a lower threshold than the small company limits, but not a higher one. As a result of Brexit, power will return to the UK, and as a result the cap on audit thresholds…

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Richard Meadows
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