Our Audit Process
Our Audit Process
Although every audit requirement is unique, we follow a similar process for most client engagements. We would be delighted to tell you more about our services and how we ensure you are involved in every stage of the process.
Planning
Our auditing process starts with the planning phase. This is where we’ll define the scope of your audit, determine the audit schedule, and identify objectives and a timetable for completion. We will invest time to understand your business and the environment in which it operates together with its systems, controls and processes. The planning is undertaken with the close involvement of your dedicated audit partner and manager.
Information Gathering
The next stage of the process is the information gathering stage. This is where we’ll work closely with you to collect and collate information and data required for the audit. This may include financial statements, organisational policies, and contracts.
Risk Assessment
Risk assessment is a key stage in the planning phase of an audit. During this stage, your auditor will assess the risks of material misstatement at the financial statement level.
Evaluation
Once all evidence has been collected we evaluate the evidence to ensure that the financial statements have been presented accurately and fairly and in compliance with accounting standards. Our accounts and taxation teams can assist in preparation of the statutory accounts and tax computations if necessary.
Reporting
Alongside including an audit report in the statutory accounts we will prepare a comprehensive report that represents and communicates our findings and conclusions. We will meet with you and discuss this report to include details of how we have audited risk areas of your business, whether we have found any weaknesses (together with suggested solutions) in the systems and controls and any recommended changes to the draft accounts.
Our audit team will continue to be on hand throughout the year for regular meetings and to assist in implementing any recommended system changes.
Follow-Up
Your auditor will be available for follow-up to ensure that any problems or issues are addressed and resolved in a timely and satisfactory manner.
Contact the team today and discover the difference working with a trusted auditing partner can make to your business.
