News & Press

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...

With no sign that the pandemic is going away, statutory auditors have been forced to rethink the way that they carry out their work so that they can protect their staff and the client while still producing a high-quality piece of...

Introduction to auditsThe UK economy continues to perform well and although the true impact of Brexit is still unknown, a weak pound has made Britain a cheaper place to invest for overseas companies.If you are an overseas company looking to...

The benefits of an audit are always likely to outweigh the cost.  Below are just some of the benefits:Streamline Your OperationA good auditor will really get under the skin of your business. In carrying out their audit work they are likely to...

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...

A foundation CIO is a legal entity specifically intended for non-profit organisations. Its only members are the trustees. Quite uniquely a foundation CIO is registered with the Charity Commission only, and not with Companies House.Setting up...

But What Is An Audit? An audit is an independent examination of a company’s financial statements and supporting records, carried out by a registered auditor. The purpose is to confirm that the financial statements present a true and fair view...

Auditors fail to report with clarity and relevanceThe data extracted during an audit is like a food recipe, though many firms utilise high quality ingredients quality is not guaranteed. This is because auditors fail to combine these...

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 description...

At the end of each financial year the directors are required to prepare financial statements for that year in accordance with company law and accountancy standards. Those financial statements may be subject to an audit because it is a...

Failing to be audited when you should have been can result in legal action.  Therefore, getting it right at the outset is essential.The following companies always need to be audited:Non-dormant subsidiaries of public companiesSubsidiaries,...

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...