Audit
Many Companies required by Law to have their accounts Audited see this as an unnecessary regulatory burden.
However there are many benefits to having an audit
- Credibility of Published information
Without credible, high quality financial information, decision making by directors and investors is sometimes difficult and unsafe. The audit helps smooth the wheels of investor, supplier and customer relations.
- Advice on structure and systems
Part of the audit involves the assessment of accounting and internal control systems. We will report on any weaknesses identified during the course of our audit and recommend improvements.
- Taxation issues
The Audit often identifies adjustments or errors relating to compliance with VAT, Payroll taxes and Corporation tax. This may help mitigate substantial liabilities in the future or help avoid penalties and interest that may be charged if discovered by HM Revenue & Customs during a routine inspection.
- Fraud and error
Although the audit is not a guarantee that a Company’s accounts are free from fraud and error, it is undoubtedly a deterrent to fraud with the knowledge that the records will be tested by an independent firm.
- Banking covenants
As part of their lending criteria many banks require the annual Accounts to be audited. The Audit provides banks with important information relating to their lending decisions.
- Exit strategy
If you are growing your business with a view to sale in the future, the provision of Audited information to a prospective purchaser may enhance your corporate reputation and demonstrate that you have taken steps to ensure that credible information is reported by your Company each year.
We see the Audit and preparation of your annual report as an opportunity to enhance your external image. An audit can have a considerable positive impact on the perceptions of investors, potential finance sources, customers, prospects, referral sources, and even your own staff - all of which greatly improves your business prospects for the future.
Please note that all regulated audit work is undertaken by BG Audit LLP, registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales
Details about our audit registration can be viewed at www.auditregister.org.uk, under reference number C009193698
