Client profile
Airfinity specialises in disease forecasting, using real-time tracking and prediction to anticipate disease outcomes at population level. This level of forecasting can be used to make informed decisions that can increase the global life expectancy. Airfinity provides solutions for a variety of sectors, including pharma and life sciences, governments and healthcare authorities, and non-life science organisations.
Challenges facing the client
Menzies, already providing accounts preparation services to the client, were approached by Airfinity to undertake audit services to the company. The primary challenge for Airfinity was the first-year audit while managing their day-to-day obligations as they transitioned from a small to medium-sized company.
As with all audits that clients request, meeting filing deadlines is crucial, and this was another important factor for Airfinity before the commencement of the assignment.
Ensuring compliance issues were flagged to consider their growth plans and their desire to expand into the US added further consideration and complexity to this assignment. This required strategic thinking and advice on compliance while considering the ethical threats from non-audit services.
Our strategic approach
Menzies adopted a dedicated and proactive approach, initially conducting a pre-audit call and proposal as part of the scoping process. This helped to identify the high-risk areas expected at the audit allowing a more streamlined and efficient approach for the first-year audit.
Early engagement and the existing relationship shared between Menzies and Airfinity allowed us to understand their specific challenges, providing tailored support, and to prepare for the audit in advance. By proposing a suitable and achievable timeline, and one in advance of the client’s filing deadline, ensured that expectations would be met. Additionally, the autonomy demonstrated by Menzies to plan, execute, and complete the audit assignments in a timely and effective manner, with less burden placed on the client’s finance team, was integral to fostering trust, credibility, and comfort in Menzies.
As part of any audit, we seek to highlight to the client any issues we identify and areas where improvements could be made. This aids an efficient operation of the audit and delivery of the accounting, tax, and research and development services.
We recognised the need for specialised services relating to share option and evaluation services, whilst considering the client’s growth plans into the US market. Before starting the audit, we introduced Airfinity to HLB – a global network of independent advisory and accounting firms – demonstrating our commitment to providing proactive client support. This would also enable Airfinity to receive local support in the US whilst maintaining their relationship with Menzies for UK-related matters.
Results and outcome
Enhanced compliance and transparency:
Our audit, tax, R&D, and accounting services facilitated compliance and greater transparency in Airfinity’s financial reporting processes, instilling confidence among stakeholders and regulatory authorities.
Efficiency and assurance:
By proactively addressing potential audit risks and challenges, Menzies ensured a smooth and efficient first-year audit process, meeting Airfinity’s deadlines and providing reassurance regarding compliance standards.
Meeting deadlines:
By adhering to the agreed timelines and meeting the client’s deadlines, we ensured trust was maintained and professionalism shown throughout. This allowed Airfinity to maintain business continuity, avoid any financial losses, delays, and missed opportunities that can incur with missed deadlines. Crucially, meeting deadlines allows the client to meet their legal and regulatory requirements and remain compliant.
Relationship strengthening:
Our foresight by introducing Airfinity to HLB International for specialised services showcased our commitment to supporting the client’s growth plans and addressing their unique needs, fostering a stronger client-advisor relationship.
Continuous dialogue:
Maintaining open communication channels with Airfinity enabled us to understand their evolving requirements, and position Menzies as a trusted advisor capable of delivering value-added solutions beyond traditional audit and accounting services.
Value:
Through our Brighter Thinking approach, Menzies demonstrated its value to Airfinity, ensuring continued collaboration and reinforcing our role as a reliable strategic partner in their journey towards achieving their goals.
Summary
The successful collaboration between Menzies and Airfinity demonstrates the importance of proactive client engagement and tailored solutions in addressing evolving business needs and fostering long-term relationships.
By understanding the client’s goals, challenges, and growth plans, Menzies were able to deliver value-added services, ensuring compliance, efficiency, and comfort for Airfinity, as they continue to make a meaningful impact in disease forecasting and global health outcomes.