Audits – Auditors
Audits – auditors are required of limited companies with annual turnover exceeding £6.5 million .
Audits – auditors may be required by the bank, shareholders under articles and memorandum and enterprises in certain business sectors.
V P Associates if a firm of Registered Auditors.
Whilst meeting the statutory audits requirement our review of the financial
records and management systems often highlight weaknesses. We utilise the
audits as an opportunity to find effective solutions to these weakness and
help improve the financial efficiency of your business.
Audits are the examination of the financial report of an organisation, as presented in the annual report by someone independent of that organisation.
The financial report includes a balance sheet, trading profit and loss statement, a statement of changes in equity, a cash flow statement, notes comprising a summary of significant accounting policies and other explanatory notes to the financial report.
What auditors do not do?
Test adequacy of all of the audited organisation’s internal controls.
Look into every transaction carried out by the audited organisation.
Check each and every figure in the financial report, as audits are based only on sample testing.
Audit other information provided to the members of the audited organisation, example, the directors’ report.
Judge appropriateness of the audited organisation’s business activities, strategies or decisions made by the directors.
Comment to shareholders on the quality of management, directors, corporate governance or the organisation’s risk management procedures and controls.
What can’t auditors do?
Audits are not intended to predict the future. Audits relates to a specific historic accounting period. Audits cannot provide assurance that the organisation will continue in business indefinitely.
Be present all the time. Audits are carried out during a defined time period; partly during and partly post, the financial period. The primary objective of an audit is to form an opinion on the information in the financial report taken as a whole. It is not intended to identify all possible irregularities. Therefore, although auditors look-out for signs of potential material fraud, it is not possible to be certain that frauds will be identified.
Our Audit service can be provided as an individual service or may be combined with other tax and accountancy related services as part of an annual package that we can offer as your appointed Auditors, Accountants and Tax Advisers.
For well over 20 years we have served as Auditors, Accountants, Tax Advisers to Brighton, Crawley, Croydon, Eastbourne, East Grinstead, Gatwick, Godstone, Haywards Heath, Horley, Horsham, Hove, Lingfield, London, Oxted, Redhill, Reigate, Tunbridge Wells, Worthing and most of Surrey and East and West Sussex, and now service most of Greater London.
V P Associates Chartered Certified Accountants is a firm of Registered Auditors and we would be delighted to give you a quote for your audit. We operate though out Greater London and City area.
Not being London City based, enables us to be very fee competitive compared to most London City based firms of Auditors. If you are City based and wish to get a quote to compare against your other London based Auditors then we would be pleased to review your need and offer a quote.