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
Audits
What is a statutory audit, and why is it necessary for my business?
A statutory audit is a legally required review of the financial statements of a company to ensure accuracy and compliance with accounting standards and regulatory frameworks. For small and medium-sized enterprises (SMEs), it helps provide transparency and credibility to stakeholders, including investors, creditors, and regulators. By undergoing a statutory audit, businesses can identify potential weaknesses in their financial systems, enhance internal controls, and foster trust among stakeholders, making it a valuable process rather than merely a legal obligation.
What are non-statutory audits, and how do they differ from statutory audits?
Non-statutory audits are voluntary assessments that businesses can undertake to gain insights into their financial health without the legal requirements of a statutory audit. Unlike statutory audits, which are designed to meet regulatory compliance, non-statutory audits are tailored to the specific needs of the business, focusing on areas of greatest significance for improvement. This flexibility allows businesses to address particular concerns, enhance operational efficiency, and ultimately strengthen their financial position.
How can my business benefit from a statutory audit?
A statutory audit goes beyond compliance; it can unlock significant benefits for your business. The process provides insights into financial health, identifies inefficiencies, and helps in risk management by spotlighting areas of concern. Additionally, it enhances credibility with stakeholders and can improve access to financing by demonstrating transparency and strong financial practices. By working with experienced auditors, businesses can leverage the findings to make informed decisions and implement recommendations that drive improvement and growth.
What specific services does Wisteria offer in relation to audits?
Wisteria provides a complete range of audit services tailored to meet the needs of diverse clients. These include statutory audits for compliance with legal requirements, non-statutory audits for voluntary insights, service charge audits for property management entities, CASS/client money audits for firms handling client funds, and independent assurance reports to validate financial statements. Our experienced team works closely with clients to ensure audits are thorough, efficient, and focused on adding value while complying with international standards.
Is a statutory audit mandatory for all SMEs?
Not all SMEs are required to undergo a statutory audit. The legal obligation typically depends on factors such as the size of the business, turnover, and legal structure. However, some SMEs choose to conduct audits voluntarily, even if not legally required, for reasons of transparency, good corporate governance, or to prepare for potential future investments or sales. This proactive approach can be beneficial in maintaining a high standard of financial management and building stakeholder confidence.
What can I expect during the audit process?
During the audit process, you can expect a structured approach that minimises disruption to your finance team. Initially, the auditors will conduct a risk assessment to identify key focus areas, followed by a defined timetable outlining the audit stages and deliverables. Throughout the audit, significant issues will be communicated as they arise, ensuring you are informed. At the conclusion, the auditors will provide a detailed report highlighting identified weaknesses in systems and controls, along with actionable recommendations to enhance your business's financial integrity.
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