An opportunity to improve your business
Our directors have been trained by the larger central London firms and have many years’ experience of a wide range of trades, professions and industries. In other words no audit is too difficult for us.
We take auditing very seriously. We are registered to perform audits in the UK by the Institute of Chartered Accountants in England and Wales, (ICAEW) reference number C006246631.
We are also regulated by the ICAEW and are subject to the Audit Regulations Guidance.
We believe that a satisfactory audit can help identify business improvement opportunities that save you money, as well as enhancing future prospects for your business. Audits also provide significant reassurance of your accounts to shareholders, investors, banks, finance providers, customers and suppliers.
As the financial thresholds increase, fewer businesses will need an audit and the profession will polarise to the larger firms providing these services. This may mean smaller firms no longer retaining their audit skills. Wellden Turnbull has a substantial number of audit clients and will continue to provide audit assurance to smaller regulated and family businesses who want a more personalised service and who also have need of our international tax skills.
Most companies have an audit because they have a turnover in excess of £10.2m and either employ more than 50 staff or have gross assets more than £5.1m. Others may be part of a large international group or they are regulated in some way that requires an audit. These include solicitors, and certain organisations holding client monies, charities, clubs and societies.
Usually a company large enough to need an audit provides the year-end financial statements. However,
- We can also prepare them, ensuring they comply with the ever-changing requirements of the Companies Act and all applicable accounting rules
- File them for you online
- Provide PDF copies for distribution in email format
- Print copies of the audited financial statements for distribution
The Wellden Turnbull approach
We endeavour to send familiar staff to our clients each year. We will make system notes to reduce the number of repetitive questions. Our staff will be polite, helpful and courteous at all times.
At the start of the process we provide a fixed price quote, conditional on you providing timely and complete information.
We work to a deadline and we will provide a report of any issues that arise during the process. This report is aimed at helping you run your company.
The audit process is based on statistical sampling and is not designed to find fraud and error. However if misfeasance is suspected we can modify our work to concentrate on areas of concern.
Sometimes an audit is not required, but you want a special audit-type investigation carried out.
This might be helpful if:
- If there has been an accounting breakdown
- Maybe a theft has been uncovered, so the extent of the loss needs to be worked out for insurance or litigation purposes
- The company is considering acquiring another business and asks us to carry out due diligence on the target acquisition