Statutory Audits

As a business owner, you know that your overall success depends on the strength of your financial position and reporting systems.

A statutory audit creates an ideal opportunity to assess the qualitative aspects of financial management and reporting systems. We'll work with you to identify areas where there may be room for improvement, as well as recommend solutions based on our expert knowledge of best practices in these areas.

Atkinsons Chartered Accountants are here to help you make sure your business is compliant with the latest regulations - and we can do that with both voluntary and statutory audits for SMEs, charities, solicitors, pension schemes, and quoted companies.

Do you need an audit? Contact our friendly team now for expert auditing support.

What can you expect from our statutory audit services?

The purpose of a statutory audit is to provide an independent assessment of a company’s financial position.

Auditing is an essential component of compliance requirements, but Atkinsons’ statutory audits offer valuable insight into how you do business, pinpointing areas for improvements and efficiencies and driving your business to ‌ sustainable ‌ ‌growth.

Due to our statutory auditors' experience and knowledge, together with an extensive understanding of Brighton and Hove's industries and sectors, your organisation will be provided with services that add value.

Why will having an audit be beneficial for your organisation?

The objective of an external audit is to ensure both your financial records and annual accounts are compliant with your statutory obligations. It should also aim to improve financial performance through a review of your financial processes.

1. Auditing the financial reports ensures their authenticity, since the auditor verifies the statements.
2. Auditing enhances corporate credibility as it provides businesses with financial reports that are free of errors, fraud, and misrepresentation.
3. Auditing improves the efficiency of the internal policy and systems since the auditors analyse the functions of the business, compare them with company policies, and make suggestions for improvement.
4. Auditing significantly reduces the risk of fraud and makes your financial position more transparent to shareholders.
5. Auditing helps to improve the trust of banks, shareholders and the government.

Understanding your business through a personal approach

At Atkinsons, we take a proactive approach to our clients' financial needs. We will develop an approach that fits with the statutory audit requirements and your internal timetable.

Additionally, we will evaluate how you performed‌ ‌against‌ ‌your‌ ‌business‌ ‌plan. Our expert team will examine your financial projections and, if needed, your governance policies, controls and procedures.

Our goal is to make the auditing process as easy and as seamless as possible ‌for‌ ‌you. ‌Maintaining a strong and constructive relationship with you, as well as keeping you informed about what we need at any given time, is important to us.

We look at all sides of your financial processes - not just the numbers themselves, but how they relate to your overall business strategy. Then we help you make sure that everything is on track so you can grow your business.

If you're not subject to a statutory audit, you can still opt for our voluntary audit service, which comes with many advantages - enabling us to identify areas of risk and potential improvement in your business.

How our voluntary audits offer valuable insight into your business processes

Not all businesses require a statutory audit, in which case, you may choose to commission a voluntary internal audit.

You may be exempt from a statutory audit if your private limited company has:

• An annual turnover that is less that £10.2 million
• Less than 50 employees
• Assets that are worth less than £5.1 million

Despite not being legally mandated, non-statutory audits can benefit a company's success. Small businesses can choose to commission an audit to get the advice they need on the effectiveness of their financial processing.

In both quantitative and qualitative terms, the information your stakeholders require has greatly expanded. That’s why we provide you with numerous additional services, along with our voluntary audit, to ensure that you meet strict reporting requirements.

A voluntary internal audit can be customised to include whatever you determine needs to be examined. Reasons to use a voluntary audit service include:

• Managing risk - Through an audit, you can identify weaknesses in your internal controls that may pose a risk.
• Financial reviews ‌-‌ ‌If‌ ‌you‌ ‌do‌ ‌not‌ ‌need‌ ‌a‌ ‌full‌ ‌audit,‌ ‌you may prefer the flexibility and cost efficiency of a financial review
• Managing your finances - Auditing is beneficial at all stages of business development. From start-up to eventual flotation, accounting services ensure that all bases are covered. Whether it’s financing or refinancing, budgeting, cash flow projections and management, liaison and negotiation with banks, identifying tax problems and potential savings, even flotation itself, we can help with them all.

If you need a financial audit, request a free no-obligation quote today.

Partnering with Atkinsons Accountants for comprehensive accountancy services

Are you looking for business advisers, problem-solvers and highly experienced chartered accountants? If so, you’ve come to the right place.

Getting the right accountant makes your business’s finances far less of a headache. You don’t want to deal with technical jargon, but you want to rely on accountants that are forward-thinking and focused on your future. At Atkinsons, our expert team is prepared to deal with any business or personal financial matter so you don’t have to.

If you choose us, we’ll provide you with a wide range of core services tailored to your requirements. If you need help with your taxes or wish to integrate cloud solutions to help manage your records, contact us today.