Auditing and Reporting

Auditing and Reporting

Audit and reporting are two processes which are essential in many businesses. Audit accountants should have experience working with a diverse range of clients. In addition they should have the necessary skills in coordinating audits and be approved by the Institute of Chartered Accountants. A firm who has this approval will ensure that the audit is carried out by the most qualified and an experienced team member to ensuretheaudit is completed correctly. There are thousands of practices throughout the UK who offer audit services. However it is important to make sure that you select a suitably experienced and reputable audit accountant to provide this crucial business service..

When choosing an accountant you should use their promotional material to determine their audit experience. The process is very complex and needs to be approached in the right way. Appointing an experienced audit accountant will ensure that your business is fully compliant. Placing your trust in an accounting firm will also ensure that the audit is completed in accordance with any regulations and timescales.

Before providing any audit services, the firm should take time to get to know your business. This will allow them to approach the audit in the right way. Audit and accounting services may be required in a number of different situations;

• Audits provided for limited companies because they are required by the Companies Act or Article of Association.
• Audits may be a requirement of a regulated body. Businesses that fall into this category will include charities, brokers, travel services, solicitors and financial services.
• In the event that external shareholders are not involved in day to day business operations, they may request an audit to verify company accounts.
• If a potential or current lender stipulates that an audit is completed as part of their lending criteria.
• If the business is going to be sold
• When the management team request a copy of the latest audited accounts to review the financial performance of their company

There are many more instances when you may need to employ the services of a professional audit accountant. Regardless of the firm you choose they should have the audit expertise relevant to your particular industry.

Financial reporting is also another service that accountants can provide and this will include services such as the development of statutory financial statements, creation of projections, budgets and forecasts and the development of management information.

The Accountancy Network can help you find audit and reporting services which are tailored towards your business.