Statutory Audits for Business

While many businesses look on statutory audit as a distraction and a hindrance to the day to day operations of the company, this service can and should be more than that.

At Wisteria, our focus is on identifying issues within systems and ensuring that the business remains compliant with sufficient checks and safeguards in place to protect against unexpected issues. This approach should help to give the shareholders and external stakeholders piece of mind.

We even have a small number of clients who don’t meet the legal requirements for a statutory audit but choose to do so for the purpose of transparency and as good corporate governance. This is particularly popular for small businesses who are fast growing where a sale or fundraising round is likely in one to three years.

 

The statutory audit process

Of course, no matter what the scenario, it is natural to hope that the audit process causes minimal distraction for your finance team. Effective communication is key to minimise disruption.  At the outset, we will define the objectives and agree on a realistic timetable which will highlight key stages and deliverables.

During the audit itself, we will highlight significant issues as they arise. At the conclusion, we will report on weaknesses in the systems and controls in the accounting system that have been identified. We will then make recommendations that can prevent fraud and error.

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The way that we approach the statutory audit process is by first completing a risk assessment of the business in question. This way, our work can focus on the areas of most significance, or those that have the greatest risk of error.

 

London accounting and auditing solutions

Our experienced team has worked with a wide variety of sectors. This, together with a deep understanding of your business, will ensure that audit is not only compliant with International Standards on Auditing, but will focus on matters that will add value to your business.

Shareholders can have confidence that the financial statements are not materially misstated. You can also be assured that they are free from any management bias to manipulate the financial results. Such areas are key for the purposes of any future business sale or where external funding might be obtained.

Providers of finance, such as banks or suppliers, will have more confidence and some may even insist on audited financial statements as a condition of lending or providing credit.

For further information about our comprehensive but hassle-free financial audits, or any of our other services  please contact us.

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