Audit
Adding value
to your audit
A great auditor does more than just follow an audit process; they will get to know your business thoroughly and be able to add real value to your company’s financial systems and workflows.
Enhanced credibility
An external audit will provide greater credibility to your financial statements, which can help if you are looking to raise funds, work with bigger customers or prepare for a business exit.
Minimise risk
Many factors contribute to the overall value of a business, but an audit will enable you to minimise risk, identify and rectify system weaknesses and have tighter control and comfort over your financial systems long term.
Reduce fraud
Audited accounts reduce fraud by using techniques such as fraud risk assessments, data analytics, and review of internal controls.
Provide confidence for stakeholders
An audit can provide stakeholders with confidence and clarity that the company's operations are being run correctly, effectively, and in their best interests.
Greater financial control
During the audit process, an auditor will understand, assess the effectiveness and test a company’s core financial systems, which underpin financial statements.
Post audit support
Our post-audit support includes advice on implementing corrective actions identified in the audit findings report, developing action plans and monitoring progress.
Why choose Edwards for your audit?
Our audit and accounts teams are committed to meeting deadlines, maintaining clear communication, and delivering a high standard of service.
We strive to maintain continuity in our audit teams to ensure that relevant experience and expertise are preserved in your financial audit. This approach enables our team to build strong relationships while maintaining our personable and friendly approach, providing you with the peace of mind that your financial health is in expert hands.
The Edwards audit team have audit experience across a wide range of sectors. We also specialise in non-statutory audits, group audits, grant audits, pension scheme audits and charity audits.
Edwards has undertaken our recent audit professionally and diligently. We are a small finance team and have appreciated the guidance and organised approach given to an in-depth process. The team have been fully prepared and given us plenty of preparation time prior to the audit to ensure the audit goes to plan.”
Tracey Pllinger
TT Electronics Plc
Edwards has consistently gone above and beyond to ensure our financial operations are accurate, compliant and transparent. Their attention to detail, thorough understanding of financial regulations, and ability to clearly communicate complex financial data have been invaluable to our business. It’s clear that they not only understand the financial side of the roles, but also the people and businesses behind them.”
Turgut Sami
Skills Alliance
Why Choose Edwards Accountants?
Our audit and accounts teams are committed to meeting deadlines, maintaining clear communication, and delivering a high standard of service.
We strive to maintain continuity in our audit teams to ensure that relevant experience and expertise are preserved in your financial audit. This approach enables our team to build strong relationships while maintaining our personable and friendly approach, providing you with the peace of mind that your financial health is in expert hands.
The Edwards audit team have audit experience across a wide range of sectors. We also specialise in non-statutory audits, group audits, grant audits, pension scheme audits and charity audits.
Key statistics
All the services you need, delivered by a team with deep specialist skills and extensive experience.
Years of serving our clients
Team members covering a variety of specialisms
Business clients
Meet the team
Our team consists individuals who are focused on using their knowledge, expertise and skills to enhance our clients’ business.
FAQs
As a business, it’s hugely important to keep your financial records as accurate as possible. An audit is an examination of your financial information by an independent professional to form an opinion as to whether your financial statements show a true and fair view.
The accuracy of your financial statements refers to whether the information provided in your balance sheet, profit and loss account, and supporting notes is correct.
At Edwards, we undertake numerous statutory audits, which can also identify the strengths and weaknesses of your systems and processes and allow you to improve them.
There are situations where a company may want to voluntarily have an external audit, and those where it is required to. Contact Edwards Accountants today to discuss whether your company needs an audit.
Your company will require an audit if it has:
- an annual turnover of more than £15 million
- assets worth more than £7.5 million
- 50 or more employees on average
If your company does not meet the criteria necessary to require an audit, you may still choose to have one to ensure that your financial reports are accurate and compliant. An audit can add extra confidence to key stakeholders and potential acquirers and increase the value of your business.
Your company must have an audit if at any time in the financial year it has been one of the following:
- a public company (unless it’s dormant)
- a subsidiary company (unless it qualifies for an exemption)
- an academy
- an authorised insurance company
- carrying out insurance market activity
- involved in banking
- an issuer of electronic money (e-money)
- a Markets in Financial Instruments Directive (MiFID) investment firm
- an Undertakings for Collective Investment in Transferable Securities (UCITS) management company
- a corporate body and its shares have been traded on a regulated market
- a funder of a master trust pension scheme
- a special register body
- a pensions or labour relations body
Yes – if you are asked by shareholders who own at least 10% of your shares, you must arrange for an audit to be carried out on your accounts. The audit can be requested by a single shareholder with a greater than 10% share in your company, or by a group that totals greater than 10%.
This request must be made in writing and sent to the registered office address of the company, and it must be received at least one month before the end of the financial year.
An audit is conducted through the examination of financial records. UK audit standards and rules direct this examination to ensure the audit is being performed effectively. Once the process is complete, auditors prepare their audit report for inclusion in your financial statements that details their overall findings and their assessment of your financial information. Statutory audits are usually completed annually, depending on the type of business.
Insights
The manufacturing industry is continuously evolving, with many businesses driving innovation through smarter processes, advanced technologies, and continuous improvements to...
Payroll taxes are the taxes employers and employees pay on earnings, including Income Tax and National Insurance contributions. These taxes...
Choose Edwards Accountants today for your audit services
Do you need your first audit completed, or are you looking to change your current auditor? Contact us for a quote for our audit services.