Audit

As statutory auditors, we are able to provide the audit services required under corporate, charities, pensions and friendly society legislation. In addition, we offer this service to organisations which require a non-statutory audit.

All our audits are conducted in accordance with internal standards on auditing (ISA’s) and best practise, utilising our firm’s own internal quality control procedures. As well as providing the business assurance required of this procedure, we conduct audits with the parallel aim of seeking to identify system weaknesses, efficiency improvements and opportunities to add value to your organisation.

Whiting & Partners use a market leading (Caseware) automated audit system to plan and record audit procedures. This enables us to adopt an efficient and structured approach to risk assessment, analytical appraisal of results and the tailoring of audit testing.  To ensure that your statutory financial statements comply with all relevant legislation and regulations we utilise specialist disclosure checklists.  Our audit approach, in summary is:

  1. Understand your organisation.
  2. Carry out analytical procedures at the pre year-end planning stage, to identify key areas requiring specific investigation.
  3. Carry out a risk appraisal.
  4. Planning our audit testing accordingly.
  5. Undertaking audit testing, predominantly at your premises.
  6. Holding an audit close-down meeting, to discuss the accounts and the results of our testing with you.
  7. Concluding our audit opinion, providing a report to the members and management letter to the directors.

As well as ensuring compliance with laws and regulations, we also seek to identify opportunities to give value added services. Our philosophy is to provide each client with a dedicated team responsible for their affairs, thus ensuring that we can provide both expertise and continuity of service. All our audit staff are either qualified or studying for professional qualifications in either AAT, ACCA or ACA.  Our staff and partners undertake a vigorous ongoing programme of continuing professional development, to maintain high technical standards.

As well as auditing financial statements, we are also able to audit grant certificates for projects funded under SMART, Innovate UK, FP7 or Horizon 2020.

Over many years we have experienced extremely high levels of staff retention, enabling us to staff audits with the same individuals year on year.  This allows us to accumulate high levels of background understanding of your organisation and these mature relationships with clients makes two way communication both easy and friendly.

Registered to carry out audit work in the UK and Ireland by the Institute of Chartered Accountants in England & Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C005774536.



 
Latest Blogs in Audit
 
Richard Meadows
1st November 2016 Client Money

Solicitors: New rules for handling client money. The consultation period has now closed on the proposed new rules for how solicitors handle their client money: Proposed Draft Solicitors Accounts Rules

Read More »

Keith Day
28th January 2016 Audit De-regulation

Audit Exemption Turnover Threshold: Raised to £10.2m. The Government is to raise the audit exemption threshold to the maximum allowed under EU law. In a statement read out in parliament, Anna Soubry, minister for small business, industry and enterprise, said the decision had been made after considering responses to its discussion paper. Companies will not be required to…

Read More »

Stephen Malkin
14th September 2015 Financial Controls

Pay Suppliers Electronically: Beware fraudsters. Do you hold your suppliers bank details on file – one tactic recently used by fraudsters is to advise businesses of changes to a supplier’s bank details, they then wait until a genuine purchase invoice is paid. Unfortunately because the supplier’s bank details are compromised, the payment goes to the…

Read More »

Stephen Malkin
14th September 2015 Financial Controls

Pay Suppliers Electronically: Beware fraudsters. Do you hold your suppliers bank details on file – one tactic recently used by fraudsters is to advise businesses of changes to a supplier’s bank details, they then wait until a genuine purchase invoice is paid. Unfortunately because the supplier’s bank details are compromised, the payment goes to the…

Read More »

Richard Meadows
26th November 2014 Solicitor Audits

Solicitors: Further consultation on proposed changes to Accountants’ Reports on client monies. Following a furore over plans to water down the rules for accountants’ reports on law firms’ financial accounts and safeguards for client monies, the Solicitors Regulation Authority (SRA) has launched a second consultation on accountants’ reports, which will be open until 28 January 2015.…

Read More »

Hannah Wisbey
29th May 2014 Business Risk Management

Don’t Risk Poor Controls. Risk taking is an innate quality of entrepreneurs. However, those with prowess have the art of maximising beneficial opportunities and avoiding detrimental risks, thus limiting the potential for loss. With this in mind it is the responsibility of management to undertake regular risk management reviews and establish effective internal controls. Areas…

Read More »