We provide the following audit accounting services:
Our audit accounting services are designed to meet statutory compliance requirements with precision and expertise.
Audits are a mandatory process for larger corporate entities and specific sectors, such as charities, adhering to rigorous international standards.
These audits ensure transparency and accuracy in financial reporting, providing stakeholders with confidence in the financial health of the organisation.
Our Audit Process:
1. Planning
The process begins with necessary handover procedures, followed by planning meetings for an initial discussion on the financials. Internal controls and financial systems are evaluated to identify potential risks, and the audit strategy is outlined.
2. Fieldwork
Planned on-site or remote audit activities are executed, with a thorough review of all fieldwork undertaken during the process.
3. Completion
An analytical review is conducted to ensure accounts comply with the reporting framework. A post-balance sheet review is performed, the report is finalised, and key points are documented during a debrief.
Why Granite Morgan Smith?
We would like our clients to view the annual audit as an opportunity, not an expense, and believe that our processes can actually serve to improve the operation of their business. We endeavour to keep our clients up to date with the relevant financial reporting and related legislative changes once these take effect, as well as providing the most suitable advice to maximise the client’s business potential.
Advising Businesses With Audits For Over 20 Years
The audit landscape has gone through an enormous amount of change over the last few years. With audit thresholds increasing to £10.2m, the number of businesses requiring an audit to comply with statutory regulations has decreased significantly. Despite this, the value of a periodic audit of your business and your financial records and controls is still something to consider.
FAQs
The need for an audit often depends on various factors, including legal thresholds and specific requirements that can change over time. The criteria for mandatory audits may vary based on company size, type, and regulatory changes. It’s important to stay informed about these thresholds, as they can shift due to legislative updates or changes in financial regulations.
Audit requirements can evolve based on changes in legislation, such as those experienced post-EU exit. Regular updates to regulatory standards mean that what is required today might differ from future requirements. Staying informed about these changes is crucial for ensuring compliance.
The audit process begins with a planning meeting before the year-end to address any potential audit planning points. After the year-end, we wait for the client’s trial balance and figures to be finalised. Once confirmed, we initiate the audit planning and fieldwork. Our team will then conduct the audit, working closely with the client to arrange a suitable date for the audit procedures and presenting findings and recommendations upon completion.
As auditors, we maintain independence from the client’s internal finance functions to ensure objectivity and impartiality. We do not engage in the day-to-day financial operations but focus on evaluating the accuracy and compliance of financial statements.
While audits are statutory requirements, we strive to go beyond mere compliance. Our objective is to provide actionable insights and recommendations for improvement. The independent perspective we offer can highlight areas for enhancing financial systems and processes, adding value beyond meeting compliance standards.
To reduce the pressure of year-end compliance work, we conduct interim testing throughout the year where possible. This approach helps manage the workload and ensures a smoother audit process at the year-end, contributing to a more efficient and less stressful audit experience.
