Audit / November 5th 2019

Accounting and auditing for property owned and used within a group

Generally, when a property is used to earn rental income then it will fall under the definition of investment property. The problem is that FRS 102 (Sept 2015) simply states that the where a property that is owned by one group company and is rente

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 descriptio

Within most leases there is often a requirement for the landlord to provide an annual statement of service charge expenditure to occupiers after a service charge period. It is common for the annual statement to be certified by the landlord’s survey

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 profit an

The headline thresholds for companies that are required to be audited have not changed for a number of years: £10.2m turnover; £5.1 assets; and 50 staff.  However, below the surface are a number of exceptions and you will need to consider these wh

The benefits of an audit are always likely to outweigh the cost.   Below are just some of the benefits: Streamline Your Operation A good auditor will really get under the skin of your business.  In carrying out their audit work they are likely t

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 your inf

A typical situation exists where a foreign ecommerce company needs to segment its payment processing in order to protect its ability to collect money from its clients. Reasons for doing so vary: Spreading the chargeback risks across a number of

Introduction to audits The UK economy continues to perform well and although the true impact of Brexit is still unknown, a weak pound has made Britain a cheaper place to invest for overseas companies. If you are an overseas company looking to set

Company audits can be a complicated process if you have never been through one before and you may have a lot of questions about the audits and the auditing process. At Wisteria we have several years of experience of processing company audits fo