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Dedicated Audit Services to Clients and Other Practices

The compliance and training costs of remaining a Registered Auditor may prove too much for the sole practitioner and the smaller firms. With the proposed increase in audit threshold limit to £5.6m, many smaller firms of accountants will decide it is an area of work they can no longer service.

Gibbons Mannington have made a commitment to retain our Registered Auditor status and continue to provide the full range of professional services to our clients. We are not immune to the problems faced by small firms and we are going to address the issues strategically.

We believe it is in the best interest of our clients to retain a dedicated engagement partner to provide advice and guidance with knowledge of the business. Not all partners in the firm carry out audit work, having other areas of expertise and interest. It is therefore already the norm in Gibbons Mannington for the audit work to be carried out by one of our highly skilled, trained and experienced audit teams whilst all other work and client services continue to be provided by the engagement partner and their team.

Gibbons Mannington have provided similar specialist services to external accountants on the same basis for some time. We envisage expanding this area of our work in the light of the increased audit thresholds and changes to engagement rules currently under discussion. We can provide alternate audit teams and ensure that our staff are fully trained and have the proper experience.

One of our Audit Partners, Simon Graves, based in our Tenterden office, says: "The high standard of technical support we offer to other partners in the firm is easily extended to other professional practices. The division of expertise works equally well with the independent practices we support as it does with my fellow partners. The clients are delighted to have the job done by an experienced team but often want to keep their day to day contact with someone who may be their business best friend."

We all have to manage change constructively. Audit is just one area of expansion planned for 2004 by Gibbons Mannington. If you would like to know more, Register on site, send us an email or use the Contact Us page information.