What is a statutory audit?
A statutory audit is review of the accuracy of a company’s or government’s financial records. It is a legal requirement. Audits ensure that financial statements are accurate and compliant with accounting regulations.
Who requires a statutory audit?
In the UK, statutory external audits are typically required for different organisations. This includes public companies, large private companies and certain non-profit organisations.
What is the role of an auditor in a statutory audit?
Haslers role as an auditor is to examine financial statements and related records. The aim is to provide an independent opinion on whether they are a true view of the organisation’s financial position and performance.
What documents are typically reviewed during a statutory audit?
External auditors review a variety of documents. This includes financial statements, ledgers, bank statements, invoices and contracts. As well as other relevant financial records.
What are the key stages of the statutory external audit?
The key stages of an external audit are as follows:
Planning. This includes understanding your organisation and its environment. We asses the risks and plan the audit approach
Fieldwork. Gathering and evaluating evidence through rigorous testing and analysis
Reporting. Formulating an audit ‘opinion’ and then preparing the auditors report
Follow-up. Addressing any potential issues or recommendations made in the audit report
What happens if issues are found during the audit?
If issues are found, we will discuss them with your management. We may recommend corrective actions.
Really significant issues may result in a qualified or adverse audit opinion.
How can a company prepare for an external audit?
Preparation involves ensuring that all financial records are accurate and up-to-date. It helps when clients can provide timely access to necessary documents and be as cooperative as possible.
What are the benefits of a statutory external audit?
The benefits of an external audit. This includes enhanced credibility of your organisation’s financial statements. It can also improve internal control. An audit can also build increased confidence among stakeholders. Including investors, creditors, and regulators.
How long does an audit typically take?
There’s no set amount of time for an audit. The length of the audit is determined by the scope and scale. Each audit procedure will need to be agreed on an individual basis per organisation.
What types of organisations does Haslers work with?
As a leading provider of auditing services in Essex, Haslers conducts audits across many industries. This includes the construction and property businesses, logistics specialists, the entertainment industry and professional firms of all types.
We hold significant expertise in both the education and charity sectors. With dedicated specialist teams for each area.
We also support several global businesses that have a presence in the UK. This is through our international team.
How does Haslers ensure a thorough and efficient audit?
At Haslers we conduct our audit in line with our key principles:
Client-Centric Approach. We are committed to delivering exceptional client service. We take time to understand the unique needs of each client. We then providing tailored solutions that align with their business objectives. We prioritise clear communication, transparency and a collaborative approach. We aim to foster long-term client relationships.
Commitment to Excellence. We are dedicated to maintaining the highest standards of quality and professional integrity. Our firm continuously invests in training and development. This ensures our team are abreast of the latest developments in accounting standards and best practices.
Continuity of Staff . We understand the importance of maintaining client knowledge and fostering strong working relationships. Haslers is committed to assigning a consistent team of experienced professionals to your account. This approach allows our staff to build an in-depth understanding of your business operations. Better understand your financial reporting processes and identify specific challenges. Our dedication to staff continuity reflects our commitment to delivering exceptional and tailored solutions.
How does Haslers ensure data security during an Audit?
- Data Security Infrastructure
The entire audit cycle and timeline will be agreed in advance and fully documented as to what is required and when Haslers provide fully GDPR compliant data exchange software in which documentation can be shared securely. Access can be provided at different levels to individual members of your internal team with a separate messaging system included for updates. We are an industry leader that has implemented a fully paperless, secure system for our audit assignments and we have both internal and external IT support to ensure this. - GDPR
Haslers have internal process and procedures in place to ensure all data held is lawful, fair, and transparent. Data is only collected for specific and legitimate purposes – only necessary data is held relevant to purposePersonal data is accurate and kept up to date – data is kept no longer than required. Security is in place for protection.
Does Haslers offer an on-site or remote audit?
Our preference is always to provide an on-site service at your premises. However, we currently serve a number of clients remotely, using video calls if need be. Ultimately we can adapt to our clients unique requirements.
What other services do Haslers offer?
At Haslers we strive to be a one-stop-shop for our clients and offer a full range of services. Please find a brief outline of our services below. Company Secretarial Our CoSec team manage all aspects of business registration and administration.
Accounts & Bookkeeping. We prepare the annual accounts including the required relevant disclosures which are full compliant with FRS102, the Companies Act and the Charities SORP. Our expert team are well placed to take care of your day-to-day bookkeeping needs. From processing invoices into accounts software to preparing management accounts.
Corporate Finance. We offer a full spectrum of corporate finance transactions and support services. Whether you need to buy or sell a business, value a business, raise capital or improve your funding efficiency.
Corporation Tax Compliance. We undertake preparation and filing of your corporation tax return within 12 months of your year end. Work is undertaken in tandem with the team preparing the accounts where we will identify any tax savings and efficiencies. All work is carried out in line with the latest regulatory changes.
Tax Advice. Our specialist team can review your organisation’s tax structure to ensure it is the appropriate, efficient and well organised. This includes the consideration of trading income and the usage of trading subsidiaries where appropriate.
VAT Advice. Our VAT team has the breadth of experience to support your ad hoc requests. Our VAT health check provides further assurance and can expose other risks or opportunities.
