You may well view a financial audit as an unwelcome burden, an unnecessary drain of time and resources. Work with the team at Jacobs Allen and together we will transform the financial audit process for you, instead of a burden it can become an incredibly beneficial process acting as a vital health check for Company Directors.
Your financial audit, your requirements, your call
Few of us would disagree that times are changing, and fast! That’s why even for our regular, year on year customers we approach every audit differently and ensure its entirely tailored to their objectives ensuring it delivers the statutory requirement and significant real value to the business.
Benefit from big firm financial audit experience at local firm prices
Jacobs Allen has unique audit experience working with companies in Haverhill, Bury St Edmunds and across Suffolk. Therefore you can instruct our team knowing that you are choosing a firm with a significant breadth of industry experience, contact us today.
FAQs
What is an audit?
An audit is an independent risk assessed check of the financial aspects of a company’s business to ensure that the financial statements give a true and fair view of the company’s finances. The audit is conducted by an independent external qualified auditor.
How is an audit done?
An auditor will discuss with the company’s management how the company operates and what controls are used to minimise risk of the records being prone to error or fraud. Typically an auditor will be engaged in understanding inherent risks and risks associated with the controls in place, discussing systems with management, testing the controls and transactions while focussing on those areas of activity that are higher risk and considering going concern. At the end of their audit, the auditor will issue an audit report to go with the accounts.
Who needs an audit?
An audit is not mandatory for all businesses, but companies who employ 50 people or more, turnover £10.2m + or have £5.1m in gross assets will need to have a financial audit. Shareholders can also determine that a company should have an audit even if it doesn’t meet these criteria.
How often are audits required?
Each year the accountants for your company will need to check whether the criteria have been met and if so an audit will be required.
What are the benefits of an audit?
Having an audit completed by qualified auditors provides a number of benefits. Internally, it provides management with an independent review of the business’ risks and effectiveness of systems, which helps them with their responsibilities to prevent fraud and ensure that financial information is of good quality. It enhances the confidence that third parties have in the financial statements, potentially aiding commercial contracts and can be required by banks as a check on the information the company provides to them.
