Financial Audit

We strive to deliver ‘best experience’ to all our audit & assurance clients by delivering a high quality and efficient service, which causes minimum disruption and provides maximum commercial value.

We recognise that each business will have its own preference for the way we communicate with the various stakeholders. This can range from a detailed partner-led presentation to the Audit Committee, down to the minimum required by auditing standards.

Our financial audit services

Our people are true experts in the application of audit methodology and we apply a modern approach. This starts with gaining a deep understanding of the business which, supplemented by our sector experience, allows us to design a bespoke audit plan that robustly addresses audit risk with laser-focus.

As a core member of HLB International, we have extensive experience of performing international audit assignments, whether co-ordinating global efforts as lead auditor or reporting to another firm on the audit of a UK component.

Assurance and other non-audit services

Audit thresholds have increased over recent years, with the intention of reducing red tape and, for many owner-managed businesses, this is a welcome development. But every company is different and stakeholders in certain businesses will be left feeling exposed with no independent checks.

We make it our business to stay ahead of the latest developments and are represented on multiple ICAEW panels, tasked with shaping the future of the industry. As such, we will advise you on the best approach and there are various non-audit services available, which can deliver a more limited form of assurance compared to an audit:

Assurance Review

This usually takes the form of a review of financial statements (whether annual, interim, statutory or for management purposes), which whilst offering a lower level of assurance than an audit, is less detailed and costs less.

Work performed is predominantly inquiry-based, without the need to review many supporting documents. For example, a client may want a quarterly review of its management accounts in order to give a lender greater comfort as to their accuracy.

Assurance reviews may also take other forms. For example, offering assurance on the compilation of forecasts for inclusion in a business plan or on the calculation of KPI’s used in a report that a company wishes to share with customers. All our assurance reviews are carried out under the applicable guidance issued by the IAASB.

Agreed-upon-procedures

This is an entirely bespoke solution that can provide assurance on a wide variety of subjects, whether financial or operational. We agree a clearly defined set of criteria against which we perform our testing and provide you with our results, showing clearly whether these criteria have been met.

For example, a publisher may require assurance that they are calculating royalties due to particular authors accurately and in accordance with their contracts. Our agreed-upon-procedures are carried out under the guidance of ISRS 4400 issued by the IAASB, where appropriate.

Internal Controls Assurance Review

We can provide a review of your internal controls around financial reporting to give assurance on both the design and operating effectiveness. This could be a full review of the entire system, or a more focused review in areas where you have specific concerns.

For example, are controls around the recording of stock appropriate to detect shrinkage, whether through wastage or theft? Are controls around the preparation of your management information adequate to provide timely and accurate information? The impact of not addressing such issues can be severe.

To speak to a partner or for more information about the services we offer please contact one of the Menzies LLP offices or complete our online contact form.

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