When they need help with auditing London businesses come to us. Our team shares its knowledge and skills, giving every single client as much confidence as we can. We’ve been doing this for the last three decades. As a result our people have had the pleasure to help clients in many situations. In addition, we have built a great reputation for the high standards we can achieve.
Audit can mean many things. When speaking about professional services, it is typically financial. The service can ensure that your statements have accurate details in line with the financial reporting framework. However, not every business must have audits by law. The Companies Act 2006 says certain small companies do not need one.
Getting ready for an audit
The person responsible for the audit must get ready for it. To do so, they have to prepare the company’s financial report. This document must get internal approval before it goes out.
To do their job, the auditors shall require two things. Firstly, they need an overview of the business and its activities. In additional, they’ll need to think about exterior factors. Some of them may affect the company during the reporting period.
The auditor’s duties
The auditors shall point out, think about, and evaluate risks. These are the ones that connect to the financial position or performance of the business. In addition the auditor should review the details to make certain that the report is error-free. They shall inspect evidence based on the controls and risks identified too.
After an audit you should receive a standard report. The auditor will likely also tell you of any interior weaknesses. For example your management team might be at risk from some of these.
At Brian G Lonis & Co, we strive to offer high value and cost effective services. They are available to both our personal and business clients. While we specialise in auditing London businesses can rely on, individuals can also come to us for advice and to look into their financial wellbeing.
If you would like to know more about our services, you are welcome to contact us.