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