Our Accountancy Auditing Service
Audit Services
At Jones & Partners, our experts provide accountancy auditing services that give you a detailed review of your accounting records and systems.
Our exacting Audit Service
Auditing
Accountancy Auditing Services FAQs
Though business owners traditionally regard the annual audit and preparation of annual accounts as a cost centre, effectively a necessary evil that adds no value to the business, we strive to transform this perception by making our accountancy auditing services into an informative, valued process that ultimately becomes a profit centre.
What we do
As your auditor, we need to delve deep into the inner workings of your business! We aim to help you meet the statutory requirements! We also take the opportunity to review your financial and management systems. It may seem as if we continually present you with a long list of extra work at the end of each financial year, but it is not like that at all!
We produce the list as a result of the audit identifying potential problem areas and recommending opportunities to improve business performance. We will discuss these problems and highlight opportunities with you so we can help you create and implement solutions.
Preparing your annual report
We see the preparation of your annual report as an opportunity to enhance your external image. A well-prepared report can have a considerable positive impact on the perceptions of investors, potential finance sources, customers, prospect, referral sources, and even your staff – all of which improves your business prospects considerably for the future.
But this exchange needn’t be too demanding for your firm. By taking some simple measures throughout the year, you can ensure that your annual audit is as seamless and effortless as possible and obviously, it gives added value by offering you the best practice for running your business.
The audit requirement derives from the legislation “The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015” and “The Charities Act 2011”.
You will require an audit if:
- your company or group has a turnover greater than £10.2 million and gross assets above £5.1 million;
- your company is a subsidiary of an overseas company; or
- you are a charity with income over £500,000
General guidance from the UK Government website indicates a company must have an audit if, in the financial year, it’s been one of the following:
- a public company (unless it’s dormant – please read the separate guidance)
- a subsidiary company (unless it qualifies for an exemption – please read the specific advice)
- an authorised insurance company
- carrying out insurance market activity
- involved in banking
- an issuer of electronic money (e-money)
- a Markets in Financial Instruments Directive (MiFID) investment firm
- an Undertakings for Collective Investment in Transferable Securities (UCITS) management company
- a corporate body and its shares are sold or traded on a regulated market traded
- a funder of a master trust pensions scheme
- a special register body
- a pensions or labour relations body
If you’re unsure, contact us about our accountancy auditing service so we can advise if your company must have an audit.
An audit is an independent examination of your organisation’s financial statements. The objective of an audit is to form an independent opinion on the financial statements of the audited entity.
An audit can be undertaken by a registered auditor, or statutory auditor.
An auditor will also assess judgements and estimates made by the directors of the company in preparing financial statements. The auditing framework that auditors use is the International Standards on Auditing (UK & Ireland) and in order to carry out this work the auditor must be a member of any appropriate regulatory body such as the ICAEW or ACCA.
It is possible for a subsidiary to claim exemption from audit if the subsidiary accounts form part of a group where the parent company is established in the EEA.
There are specific conditions and requirements that your auditor will need to review to ensure that your company is entitled to the exemption.
If an individual shareholder or group holding more than 10% of the share in value or number requests an audit, then an audit can be required.
If a request for an audit is to be actioned by company directors, those individuals or groups requesting an audit need to contact the registered office in writing, at least one month prior to the financial year end of the company.
Broadly speaking, charities with a gross income of more than £25,000 in their financial year are required to have their accounts examined or audited independently. Below this threshold, an examination of the charity’s accounts by an auditor is only needed if required by the charity’s governing document.
Most charitable companies opt to have an audit under the Companies Act 2006. However, in the interest of transparency, a charity’s trustees should always consider carrying out audits of the charity’s accounts to ensure that financial statements are accurate and the charity isn’t facing insolvency.
Get in touch with us today about our accountancy auditing service and see how we can help.
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