Audits

An audit, delivered properly, contributes positively to your business

An external audit is an independent examination of the financial statements prepared by the organisation. It is usually conducted for statutory purposes, because the law requires it. Audits result in an audit opinion about whether the financial statements give a ‘true and fair’ view of the:

• state of affairs of the organisation

and

• operations for the period

We ensure that you receive value from your audits, because working together we can enhance your business.

We focus on the most important issues by gathering a thorough understanding of your business which then enables us to suggest new ideas, make fresh recommendations, identify potential issues and highlight problem areas. Our audit teams will aim to fully understand operational matters and if there are any taxation problems these will be brought to light and dealt with responsibly.

Key parts of our audit service are to deliver value and to maintain good communication throughout. During every audit any weaknesses we find are fully explained with implications and recommendations made immediately to ensure minimal disruption.

Often, our audit highlights areas where improvements in efficiency can be made which in turn reduces your costs, and adds to the profitability of the business; above all with us it is about the business and not the figures. We firmly believe that if you are committed to building a better business then your accountant should also be committed. The responsibilities and regulations placed on us mean that the quality of Shaikh & Co’s work is constantly under review and is therefore of the highest standard, our experience in this field is in excess of 25 years.

We can advise you if you need an audit and if not, you can save on accountancy fees!

However, we aim to deliver hassle-free audits and there are good reasons for having an audit even if you are not required by law to have one…

• An audit involves a detailed review of the company’s accounting systems and systems of control and also requires a detailed understanding of the company’s business. Such a review and knowledge can provide increased opportunities to provide proactive business advice on many matters;
• An unqualified audit report can improve the status of the accounts in the eyes of banks and commercial lenders, the Taxman and suppliers who may be seeking credit references, etc;
• A history of accounts with clean audit reports can also be a factor if you ever wish to sell the company or, perhaps, take it to the market;
• The possibility of fraud can be reduced and an audit can act as a deterrent to any potential fraudster.