As Registered Auditors, Rawcliffe & Co are familiar and experienced in dealing with audit work for our clients in a variety of different business sectors.
Audits are currently required by law for companies with a net turnover of over £6.5million, or gross assets of greater than £3.26million. They are also required for larger charities, and for regulated business sectors such as those regulated by the Financial Services Authority, professional firms such as solicitors and surveyors, and many others.
An audit basically involves conducting a detailed review, on a test basis, of the transactions contained within an entity’s accounts in order to express an opinion on the validity and reliability of the information therein.
Though some business owners conventionally view audits as a necessary but frustrating ‘cost’ to their business, here at Rawcliffe & Co we strive to transform the audit into a service which adds value to your business. During our audit procedures, we conduct a review of your financial and managerial internal control systems and can therefore identify problematic or vulnerable areas and suggest opportunities and solutions for your business.
Audits have many advantages, and indeed many companies choose to have an audit despite falling outside the legal requirement to do so. An audit report has the ability to enhance the credibility of your financial statements to potential investors, lenders, customers, suppliers and even your staff
For help and advice on audits, please do not hesitate to contact us.