With a superb track record and some of the most experienced accountants in the business, it’s no wonder Howard Worth is the auditor of choice for local businesses. Book an appointment now to arrange an audit that does more.
Who needs an audit?
While all businesses could benefit from an annual audit, it is not necessarily a legal requirement. For financial years that begin on or after 1 January 2016, your company may qualify for an audit exemption if it has at least two of the following:
- an annual turnover of no more than £10.2 million
- assets worth no more than £5.1 million
- 50 or fewer employees on average
Note, there are certain companies which require an audit by law, regardless of their size or income. More information about who is and isn’t exempt can be found here.
How we offer more
We enhance your audit experience by gaining a detailed knowledge and understanding of your business. It’s part and parcel of our service.
This means our auditors provide an opportunity for you to benefit from a fresh insight, review the health of your business and to plan improvements. Utilising our expertise in conjunction with our knowledge of your business enables us to offer informative feedback, identify any potential weaknesses or risks, and advise on appropriate actions.
Simply, it’s an assurance service for the past, present and future of your business.
How can I make my annual audit run effectively?
Firstly, ensure that all relevant finance and accounting staff are available. We may need to clarify a few numbers with them or interview them for auditing purposes.
Secondly, full, unrestricted access to your accounts should be made available to us. This should include accounting records, company structure, year-end and bank statements, balance sheets, debtors and creditors, payroll, inventory reports, hire and leasing agreements, legal documents and any other important paperwork which you think may benefit us in completing an audit of your business.
I am exempt from an annual audit. Why should I have one?
Not all businesses need a statutory audit, but sometimes an audit, or some form of assurance report, can prove essential. For example, if you are a growing business, or are considering a sale, an audit can help to ensure your business is appealing to investors.
Other forms of assurance are also available, which can help reassure investors and stakeholders that your business is performing, risks are being mitigated and that you are complying with legislation.