Why have an audit?

Primarily you want an audit when you are required by law to have one; i.e. your turnover exceeds £5.6m or your assets exceed £2.8 (£5.6m for small groups excluding intergroup transactions).

This we understand but there are some more valuable reasons for having an audit.

• You may want assurance that the accounting records do reflect the true and fair position of your business – this may be valuable where areas of responsibility are clearly divided between the management, or the shareholders feel remote from the management.
• Your capital funding institutions need a high degree of confidence in the figures. This may well help you finance expansion or develop the business in another direction.
• You may want to sell your business in a few years time, perhaps to a bigger player. Quality assurance may add value to a deal.
• You may need professional help and advice and this will be more relevant and valuable from a professional who has an in depth knowledge of the business gained from the audit process.
• You have set the goal but do you know the risk of this goal not being achieved? A risk-based audit could help identify and prioritise areas for your attention to ensure you reach your goal.
• We can help you identify the fraud risks so that you can reduce your potential for loss and implement appropriate controls to reduce the exposure to fraud.

Gibbons Mannington can tailor the audit to meet your requirements and meet your statutory obligations.

We are specialists in Public Interest Sector Audits where the thresholds bring more organisations within the audit requirement. Charities and Churches have strict obligations and will require Independent Review or Audit. Gibbons Mannington has considerable expertise in this area. We can help you whether you are a PCC or a Trust running a large institution. We have experience in Local Authority audit assignments too.

Professional bodies have specific audit regulations and we have the right experience to conduct a cost effective and compliant audit of client monies and procedures to safeguard your reputation and satisfy your professional responsibilities.

As audit expertise becomes polarised through greater regulation you will feel confident in benefiting from Gibbons Mannington’s expertise.

Dedicated Audit Services to Clients and Other Practices

With the increase in the audit threshold not all Chartered Accountancy practices will be able to provide audit services economically. Gibbons Mannington has the solution that does not upset the existing relationship with your professional advisor.....