Expert Financial Audit Services

A financial audit is an objective examination and evaluation of an organization's financial statements to ensure they are a fair and accurate representation of the transactions they claim to represent. It involves analyzing financial records, transactions, and internal controls to verify compliance with accounting standards and regulations.

The frequency depends on your business type and regulatory requirements. Public companies and certain regulated businesses are typically required to conduct annual audits. For private businesses, we recommend annual audits for companies with revenues exceeding £10.2 million or at least once every two years for smaller organizations to ensure financial health and compliance.

We typically require financial statements, general ledger, bank statements, accounts receivable and payable records, inventory listings, fixed asset registers, payroll records, loan agreements, contracts with major clients/suppliers, minutes of board meetings, and previous audit reports if available. We'll provide a comprehensive checklist tailored to your organization before beginning the audit.

The duration varies based on your organization's size, complexity, and the audit scope. A small business audit may take 1-2 weeks, while larger organizations might require 4-8 weeks. We provide timeline estimates during our initial consultation and work efficiently to minimize disruption to your operations.

Internal audits offer numerous benefits including: improved operational efficiency, better risk management, identification of cost-saving opportunities, strengthened internal controls, fraud prevention and detection, enhanced corporate governance, preparation for external audits, and valuable insights for strategic decision-making.