Audit / January 13th 2020

How to reduce your audit fees substantially

Annual audit fees can often be substantial. However, in terms of reducing the overall cost of an audit you need to understand what is involved in the audit and what you can do to substantially reduce the amount of work carried out by the auditors th

With the excitement of Christmas and New Year’s Eve behind us, most of us are looking forward to the year ahead, full of plans and optimism. January often feels like a month dedicated to fresh starts, but before beginning a new year of business we

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