Statutory Audits for Small Businesses and Start-ups

You might think of statutory audits as a distraction and a hindrance to the day-to-day operations, but they are of great importance. Read on to find out how your business will benefit from undergoing statutory audits, and how Wisteria Accountants can help you perform this.

Our understanding

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 your audit, we will highlight significant issues to you 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 will prevent fraud and error.

In the past, we’ve even had 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. It is also common in cases in which a sale or fundraising round is likely in one to three years.

How we can help

At Wisteria, our focus is on identifying issues within your systems and ensuring that your business remains compliant. We also make sure that sufficient checks and safeguards are in place to protect against unexpected issues. This approach is sure to give the shareholders and external stakeholders peace of mind.

The way that we approach statutory audits 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.

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. For more information about our services, contact us today.

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Meet the expert

Andrew has over 25 years’ experience in commerce and practice. After qualifying with Stoy Hayward (now BDO), Andrew moved into industry. Andrew gained commercial experience operating as a CEO and CFO of numerous successful companies in biotech, recruitment, media, technology and marketing.

Meet Andrew

Why choose us

While working on your tax affairs, we seek out opportunities. We aim to keep you fully in the loop, discussing developments and new options with you, as part of regular meetings. By developing long-term relationships with clients, our tax return services work alongside the tax advice we provide. We want to give you peace of mind that you are in safe hands, your tax return is dealt with in good time, and each opportunity is identified and implemented.

Preparation of Self Assessment tax returns

A self assessment tax return is the method by which taxpayers report their income and capital gains to HM Revenue and Customs. Wisteria’s team of qualified specialists can confirm whether it is necessary for you to complete a return and Wisteria provides an efficient and professional tax return completion service.
Income Tax and National Insurance Contributions (NIC) advice

If your tax affairs are more complicated, you will need to register for self-assessment and submit a tax return. If you would like help getting set up to submit Self Assessment tax returns or if you require more information about our tax services for individuals, contact us today.
Inheritance tax planning and reviews

Tax planning is completed either when you have decided what you want to achieve in the most tax efficient way, or where you wish to simply review your affairs. Wisteria’s tax specialists will review your position and advise on the most tax efficient way to structure your affairs generally or advice on any particular transaction.
Working with financial advisers to ensure you have an optimal tax and investment strategy

It is important to work with an accountant who you can get on with and feel you can trust. When selecting an accountant, there are many factors to take into account and many possible options available to you. Wisteria’s financial advisers can provide you with valuable advice on how to maximise your money.