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As well as meeting your statutory reporting obligations, our services are the proactive way to reduce risk and drive forward your business strategy. Our hands-on approach helps you improve your business performance – by challenging assumptions and resolving commercial issues that could be holding your business back.
WHEN DO I NEED AN AUDIT?
A company is legally required to have an audit if they breach two of the following thresholds:
- Turnover greater than £10.2m;
- Total assets greater than £5.1m; or
- Greater than 50 employees.
Even if a company is below these thresholds, it will be required to have one if it is part of a group which breaches certain size thresholds. Additionally, sometimes the company’s articles or the shareholders will require an audit. Therefore, even small companies can be required to have one.
Do I need an Internal and External Audit?
INTERNAL
- Although larger organisations see an internal audit as a fundamental way of improving the company’s systems and developing specific risk management policies, but they are discretionary.
EXTERNAL
- In the case of external audits and whether or not these are required, this must be assessed on a case-by-case basis.
What services do you offer?
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Our audit and compliance team will help you to:
- Add value to your business by using the audit as a basis to identify and resolve commercial issues and to improve your business processes.
- Use the understanding and insight gained as a basis for helping you develop strategies to drive your business forward.
- Reduce risk and improve your organisational performance by challenging existing assumptions and practices.
- Secure peace of mind from knowing your statutory obligations are met, accounts are true and potential problems have been identified early on.
Contact Menzies Audit and Compliance Team
What is the importance of an audit?
Aside from the importance of the legal requirements, the undertaking of the audit itself provides important and valuable insight. It determines whether an organisation is providing a true and fair view of its financial performance and position, which on its own is something any organisation wants to achieve.
Providing comfort over the accuracy of management accounts, or revealing systematic errors occurring throughout the year, a year end audit is critical to decision making for an organisation placing reliance on management information. The process undertaken challenges the robustness of the internal controls and processes an organisation has in place, giving an external perspective and valuable feedback.