Auditor Service London
An audit is a checking exercise of the financial records of a company also known as Auditor Service London. An auditor will not check every figure otherwise it is like doing all the accounts all over again but will select different samples for testing. Depending on the results of the testing will pursue further or move on to another testing. An auditor is like an investigator and a good auditor can sniff and know where to explore further to get to the bottom of the examination.
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When an audit is a must?
If any limited company exceeds 2 of the 3 conditions, then it is a legal requirement for the accounts to be audited.
The thresholds changed from 1 January 2016 but see below before and now :
| Before | Now | |
|---|---|---|
| Turnover | greater than 6.5m | greater than 10.2m |
| Total assets | greater than 3.2m | greater than 5.1m |
| No’ of employees | over 50 | over 50 |
Small Company audit?
Yes and many do for the following reasons
- The company’s lender requires an audit
- Directors may request an audit, an audit gives more assurance of the accuracy of the accounts
- Shareholders may request an audit, again for assurance as to the financial statements' accuracy
Auditing Service Checklist
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Auditing Service Checklist
- Do I need an audit?
- Can I still have an audit?
- What are the advantages of a non-audit?
- Are my records correct?
We can answer these questions and provide the work.
Final Report
Once the work is complete, the auditor will write up a report explaining what has been done and giving an opinion on the financial statements.
Example – what the company owes and what is owed to the company, properly recorded in the balance sheet?
Are profits or losses properly assessed ?