News & Press

Sensitive company information in the public domain can be used by various stakeholders such as employees or in particular competitors to gain an advantage.A classic example of this, and an accountants worst nightmare, is when the detailed...

Failing to be audited when you should have been can result in legal action.  Therefore, getting it right at the outset is essential.The following companies always need to be audited:Non-dormant subsidiaries of public companiesSubsidiaries,...

What Are the Main Audit Types in the UK?In the UK, the two most common audit types are internal audits and external audits. While both involve reviewing systems, records and controls, their purpose and outcomes are different.An internal audit...

Auditors fail to report with clarity and relevanceThe data extracted during an audit is like a food recipe, though many firms utilise high quality ingredients quality is not guaranteed. This is because auditors fail to combine these...

When someone mentions a ‘Tax Audit’ the word can have negative connotations. Especially when HMRC is involved. The word “audit” can cause concern for many business owners. It is often associated with mistakes, penalties or unwanted scrutiny....

What Is a Statutory Audit?A statutory audit is an independent examination of a company’s financial statements and underlying records. It is carried out by a registered auditor and is required by law for certain companies.The purpose of a...

Understanding the difference between a statutory audit and a non statutory audit is important for businesses looking to stay compliant while also improving financial oversight. While both types of audit involve reviewing financial records,...

But What Is An Audit? An audit is an independent examination of a company’s financial statements and supporting records, carried out by a registered auditor. The purpose is to confirm that the financial statements present a true and fair view...

For business owners and key management staff, an audit is often seen as a necessary evil, a box to be ticked in order to satisfy compliance. In fact, an independent audit can add real value to your company. It can help you spot weaknesses in...

Profit and loss reportA profit and loss report shows income, costs and profit over a specific period.It helps answer one of the most important questions in business: are we making money?A typical profit and loss report includes revenue,...

Companies often believe that this is an easy calculation…just apply 10% against our debtor balance.Now this may work as an approximation for your management accounts but it won’t do for your annual financial statements. Below is a description...