If you are required to carry out a statutory audit, don’t see it as a hindrance: embrace it as an opportunity to strengthen your business. Wisteria’s auditors have years of experience of helping businesses to do so much more with their audits than simply fulfilling statutory obligations: contact us today to find out how we can help unlock the real benefits of a thorough audit.
Our diverse client base includes small and medium-sized companies, partnerships, and mature businesses from various industries, located not only in London but also across the UK and other countries. We specialise in providing bespoke services to companies new to trading in the UK, drawing from our extensive practical experience and knowledge in a wide range of backgrounds and circumstances.
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 minimising 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.
Our Auditing Services
Statutory Audits
At Wisteria Accountants, we offer statutory audit services to ensure that your business remains compliant with the required legal and regulatory frameworks. Our experienced team of auditors first performs a risk assessment of your business to identify the areas that require the most attention. This approach helps us to focus on the most significant areas of the business and ensure that they are free from error or misstatement.
Non-Statutory Audits
At Wisteria, we also provide non-statutory audits which are voluntary audits that businesses can choose to undertake in order to gain insights into their financial health and identify areas for improvement. Our non-statutory audits are tailored to meet the specific needs of each client, allowing us to focus on the areas of greatest significance and provide valuable insights and recommendations for improvement.
Service Charge Audits
We offer Service Charge Audits to property management companies, landlords, and tenants. This service involves a comprehensive review of the service charge accounts to ensure that they comply with legal requirements and industry standards. Our team of experienced auditors will examine the accounts and assess the financial health of the property management company.
CASS/Client Money Audit
At Wisteria, we provide CASS/Client Money Audit services to ensure that our clients who are involved in handling client money are compliant with the FCA's Client Asset Sourcebook (CASS) regulations. Our team of experienced auditors conducts audits to help identify any issues in the client money-handling process and ensure that appropriate controls are in place to safeguard the funds.
Independent Assurance Reports
Our Chartered Accountants provide independent assurance reports to clients who require an independent opinion on their financial statements or other financial information. This service is particularly useful for companies who wish to provide stakeholders with additional comfort in their financial information. Our experienced team of accountants are well-equipped to provide independent assessments of your financial information, helping to ensure its accuracy and reliability.
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.
FAQs
Business
Why should small businesses consider using Wisteria's payroll services?
Small businesses often have limited time and resources to manage their payroll effectively. Wisteria can walk businesses through the payroll process and ensure that it is done accurately and on time.
What are the different types of accounting?
One of the most common types is financial accounting, which involves preparing financial statements and other reports that are used to communicate a company's financial performance to external stakeholders such as investors, creditors, and regulatory bodies. Another type is management accounting, which involves providing financial information and analysis to internal stakeholders such as executives, managers, and operational staff to support decision-making and performance management. Tax accounting is another type that involves preparing and filing tax returns for individuals and businesses, while auditing involves reviewing and assessing the accuracy and completeness of a company's financial records and reports.
What services does Wisteria offer for entrepreneurs and small businesses?
Wisteria offers a range of bespoke services, including chartered accountancy, personal tax and accountancy support, business tax services, small business consultancy, payroll services, and tax investigations.
Why is it important to seek support during a tax investigation?
Tax investigations can be stressful and overwhelming, and it is essential to seek experienced and knowledgeable support to navigate the complexity of tax rules and penalties. Wisteria can provide the necessary guidance during this time.
Do I need an accountant to do tax returns?
Whether or not a business needs an accountant to prepare its tax returns depends on a number of factors. For small businesses with relatively simple tax situations, it may be possible to do the tax return themselves using online tax software or other tools. However, for larger businesses with more complex tax situations, or for business owners who are not confident in their ability to accurately prepare a tax return, it may be advisable to hire an accountant. A qualified accountant can help ensure that all relevant tax laws and regulations are adhered to, identify potential tax deductions and credits, and provide advice on tax planning strategies to help minimise tax liability. Additionally, using an accountant can help save time and reduce the risk of errors on the tax return, which can ultimately help avoid penalties or other consequences from the tax authorities.
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