Not all companies require an audit – but if you do then chartered auditor Scrutton Bland is here for you; we have a team of experienced audit specialists to take you through the process, painlessly. Currently, small businesses are usually exempt from audits if they meet two of the three exemption thresholds: they have a turnover of less than £6.5million; a balance sheet total which doesn’t exceed £3.25million, and; they don’t have more than 50 employees. Some companies – by the nature of their industry – are required to be audited, such as public companies and those that are involved in insurance broking, financial services or similar. An independent financial audit can be a powerful tool. The purpose is to get an independent, objective inspection of a company’s financial statements. Shareholders who want reassurance that their investments are looked after may sometimes require an audit. But aside from complying with such regulations, an audit can also provide a detailed understanding of how well a company is operating, its opportunities and risks and provide superior user confidence in the financial statements produced.
At Scrutton Bland we believe compliance services, like external and internal audits, are only useful if they add value. We believe we can offer an above-average auditing process that has benefits to a company that extend beyond meeting financial obligations. Our approach is to work closely with you. Our professional teams will spend time gaining an in-depth understanding of your organisation and its dynamics. This understanding enables us to offer well-considered advice and robust compliance service.
For both Internal and external audits, understanding how well your business is positioned and operating is fundamental, but doing so is far from straightforward. By understanding and documenting key risks, controls and systems, we can help you understand and identify areas of potential weakness within your organisation and highlight where you have exposure, or where there may be greater opportunities. By understanding your strategic objectives, we can ensure that the systems and structures you have in place are appropriate. Also, we will benchmark performance and compare processes against best practice. This way we can maximise your offering.
The early identification of risk allows you to create business plans while building resilience. Our Risk and Assurance specialists work alongside our financial audit team to deliver specific recommendations created for your organisation, identifying areas for improvement and illustrating where you can strengthen controls and systems. We regularly offer an internal audit to companies, including those that are privately owned, publicly funded or charities, as well as providing more specialised tools like a financial services audit. Our teams have a high level of technical knowledge and will support your compliance obligations, while at the same time maximising the value of your audit through solid, pragmatic and focused advice.