{"id":4041,"date":"2019-11-22T11:21:23","date_gmt":"2019-11-22T11:21:23","guid":{"rendered":"https:\/\/www.georgehay.co.uk\/blogs\/?p=4041"},"modified":"2023-11-16T09:22:10","modified_gmt":"2023-11-16T09:22:10","slug":"audit-growing-businesses-can-benefit-too","status":"publish","type":"post","link":"https:\/\/www.georgehay.co.uk\/blogs\/2019\/11\/audit-growing-businesses-can-benefit-too\/","title":{"rendered":"Audit: Growing businesses can benefit too"},"content":{"rendered":"

Many UK businesses must have a statutory audit; generally, those who meet any two of the following criteria:<\/p>\n

\u2022 where company turnover exceeds \u00a310.2 million;
\n\u2022 where total company assets exceed \u00a35.1 million; or
\n\u2022 where the company has more than 50 employees.<\/p>\n

Companies below these thresholds are usually termed \u2018small\u2019 companies and typically exempt. However, other factors can still necessitate a statutory audit. For example, being part of a group that is not small or if your company\/group is ineligible for exemption due to its activities (i.e. financial services companies).<\/p>\n

The members of a company can also request an audit; if more than 10% do so, the request must be fulfilled.<\/p>\n

Why opt to have a voluntary audit?<\/h5>\n

If your business is currently exempt, you may question why you would opt to have a voluntary audit carried out.<\/p>\n

This is compounded by the fact that 25% of UK respondents say that they do not understand the role of an auditor; this is according to a survey by the Association of Chartered Certified Accountants (ACCA).[1]<\/strong><\/p>\n

An audit is not only beneficial for those organisations bound by law to have one, though. It can also be a useful exercise for go-getting, fast-growing businesses.<\/p>\n

An audit is much more than just a compliance service. Though the primary objective is to conclude whether or not the financial statements represent a \u201ctrue and fair\u201d view, to do so an auditor must assess a company\u2019s wider operations.<\/p>\n

Audit and added value<\/h5>\n

The risk of fraud within a business, as well as the robustness and operating effectiveness of internal systems and controls, are key interests for auditors.<\/p>\n

Objective scrutiny adds value to the audit process and can help management to reduce the risk of fraud and inconsistencies. The auditor will produce a report, which will identify weaknesses and suggest improvements.<\/p>\n

Substantive testing can also identify errors or irregularities within the accounts and highlight wider issues associated with cut-off or stock valuation, for example. These issues, if left, could impact upon the management information a business may be relying upon to inform strategic decisions.<\/p>\n

With new technologies and methods, such as data analytics, no longer confined to the big four firms, an audit may include some testing on a company\u2019s entire data population. This is in contrast to more traditional auditing that focuses on a sample.<\/p>\n

Audited financial statements improve the credibility of figures, which can be a comfort to interested parties (banks, shareholders etc.). Audited accounts are also beneficial for a business looking to sell, giving assurance to prospective buyers.<\/p>\n

Fast-growing businesses can benefit<\/h5>\n

Fast-growing businesses, though maybe exempt from audit now, can quickly exceed the thresholds that were outlined earlier. Familiarising yourself with the process sooner, therefore, can be advantageous.<\/p>\n

How can George Hay help?<\/h5>\n

Whether statutory or voluntary, our audit specialists can help you to meet your obligations.<\/p>\n

We turn what many business-owners view as a \u2018regulatory burden\u2019 into a useful review of your financial statements. In turn, this can be invaluable when it comes to decision-making and forward planning.<\/p>\n

We will keep you informed throughout and we will deliver audit and management reports designed to help you improve your business and internal controls.<\/p>\n

To speak to us about how your business can benefit from a voluntary audit<\/a><\/strong><\/span> or if you know you are required by law to have one and are not sure where to start, contact us<\/a><\/strong><\/span> today.<\/p>\n

[1]<\/strong> ACCA (2019) Closing the expectation gap in audit <https:\/\/www.accaglobal.com\/content\/dam\/ACCA_Global\/professional-insights\/Expectation-gap\/pi-closing-expectation-gap-audit.pdf<\/a><\/strong><\/span>> accessed on 18 July 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"

Many UK businesses must have a statutory audit; generally, those who meet any two of the following criteria: \u2022 where company turnover exceeds \u00a310.2 million; \u2022 where total company assets exceed \u00a35.1 million; or \u2022 where the company has more<\/p>\n","protected":false},"author":10,"featured_media":5917,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[240,3,538,200,7,90,6,239,394,17,70,79,230],"tags":[31,543,545,99,544,542,541,540],"class_list":["post-4041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-academies","category-accounting","category-audit","category-business","category-business-support","category-charities","category-business-news","category-industry-sectors","category-legal","category-martin-williams","category-property","category-small-businesses","category-team-member","tag-audit","tag-audit-threshold","tag-auditors","tag-business","tag-business-growth","tag-financial-statements","tag-statutory-audit","tag-voluntary-audit"],"yoast_head":"\nAudit: Growing businesses can benefit too - George Hay Blog<\/title>\n<meta name=\"description\" content=\"Audit is not only beneficial for those organisations bound by law to have one. 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