How to choose the right Auditor?
We specialise in SME audits of companies, LLP’s, and charities.
Choosing the right auditor means working with auditors who you feel comfortable with, have a genuine understanding of your business, and can complement your team. A personal approach is amongst the key factors in making the right choice.
Auditors are giving their opinion on your financial statements, whether they are true and fair and not misleading. A ‘clean’ audit report is a clean health check on your business.
An audit may be required because the law says so, called a statutory audit, or maybe an investor or lender requires an audit.
A clean audit report is a great tool for companies that rely on funding, when applying for bank loans, to give investors comfort, to improve trust with suppliers and customers, and improve the credit rating of your business. It also reduces the chance of HMRC inspections.
Our audit work is tailored to your business and this way we reduce the amount of unnecessary work to get the job completed, we are not just concerned about numbers, we add value, not complications.
We also have specialist teams that you can reach out to for advice in tax, VAT, strategic advisory, or assistance with fundraising.
So, if you need assistance, please get in touch.
Call 02079873030 or
The objective of an audit is to allow the auditors to form an opinion on the financial statements of a company. To reach an audit opinion, the auditors will carry out procedures to obtain audit evidence to provide them with reasonable assurance that the financial statements are free of material misstatement, and will ensure that the financial statements have been prepared according to relevant legislation and accounting standards.
A company’s annual accounts for a financial year must be audited unless the company is exempt from an audit by meeting specific financial thresholds, or is exempt from the audit as a subsidiary company with an EEA parent who guarantees the subsidiary and; makes this guarantee and their own consolidated financial statements available on public record in the UK, or is exempt from the requirements as a non-profit making company subject to a public sector audit.
Meer & Co strives to adhere to and stay in line with all regulations and standards of our professional body ICAEW. We are objective and independent and our work reflects the highest level of professional quality and service. Meer & Co works with clients and their legal advisors as required to ensure the valuation delivered is fit for purpose and provides the end client with value for money.
Your company may qualify for an audit exemption if it has at least 2 of the following; an annual turnover of no more than £10.2 million, assets worth no more than £5.1 million and 50 or fewer employees on average
Even if your company is usually exempt from an audit, you must get your accounts audited if shareholders who own at least 10% of shares (by number or value) ask you to. This can be an individual shareholder or a group of shareholders. They must make the request in writing and send it to the company’s registered office address. The request must arrive at least one month before the end of the financial year that the audit is being asked for.
Auditors have a right of access at all times to the company’s books, accounts and company shareholder meeting notes, and may require an officer or employee, or anyone accountable for any of the company’s books to provide information or explanations as are thought necessary for the performance of the auditors’ duties.
The audit does not relieve the directors of any of their responsibilities as they are still responsible for the preparation and presentation of the financial statements. It is not the auditors’ function to prevent fraud and/or error, this is the responsibility of the directors.
There are a number of things that can be done to ensure that an audit runs as efficiently as possible. Make sure that all accounting staff are available during the time that the auditors are on-site. mCooperate with auditors planning schedule and all the information requested by the auditors should be provided on timely basis.
Below is a summary of some of the main documents to be prepared in advance of the audit. If the documents are all readily available, disruption to your staff members during the audit will be minimised:
- All primary accounting records
- Diagram showing the structure & ownership of the company/ group of companies
- Year-end bank reconciliation & statements available for the entire period for all bank
accounts - Breakdown of all balance sheet amounts with invoices to evidence items such as fixed asset
additions, prepayments & accruals - Aged debtors’ and creditors’ listing
- Wages records and P11D returns
- Stock reports where applicable
- All hire purchase and leasing agreements
- VAT returns and workings
- Copies of all meeting minutes held during the year and details of any changes in share
ownership.