AuditThe core values lying at the center of our audit approach are independence and objectivity. At Hayward Wright, our audit team is professional, courteous and helpful at all times during the audit. Wherever possible, the same team is used for subsequent audits giving our clients the opportunity to build a rapport whilst enabling our teams to increase their knowledge and understanding of each business to help reduce the need to ask the same questions year in year out.
Given this spread of customers, we tailor our service accordingly to ensure that we meet and exceed specific client needs and expectations. What does remain constant throughout however, is our commitment to building and maintaining strong client relationships and to provide an all-round service to the highest standard.
What the benefits are of have audited Accounts?
- Audits helps to identify weaknesses in the accounting systems and enables us to suggest improvements.
- An audit assures directors not involved in the accounting functions on a day-to-day basis that the business is running in accordance with the information they are receiving, and helps reduce the scope for fraud and poor accounting
- Audits facilitates the provision of advice that can have real financial benefits for a business, including how the business is running, what margins can be expected and how these can be achieved. Advice can cover anything from the tightening of internal controls, to reducing the risk of fraud or tax planning
- It will enhance the credibility and reliability of the figures being submitted to prospective purchasers. If an owner manager is planning on selling in the next 3 years, it may be beneficial to carry out regular audits
- Audits can be advantageous if a company is growing and likely to exceed the turnover threshold in the near future, in order to avoid having to revisit the previous years’ figures, once the threshold has been reached
- They also add credibility to published information for employees, customers, suppliers, investors and tax authorities:
- Credit ratings may be affected by not having an audit. Suppliers may not be prepared to give appropriate credit limits. Banks and trade suppliers rely in part on credit rating agencies’ assessment of the company, and will look more favorably on companies that have an audit.
- The HMRC may consider the figures to be less reliable.
- In the event of insurance claims, loss adjusters often have more faith in audited accounts.
- An audit provides assurance to shareholders (if they are not directors closely involved in the business) that the figures in the accounts show a true and fair view.
- Banks and investors will have more information to assess the company and the risk associated with lending to companies. It will also allow investors to see the benefit of investing due to the added level of information available.
For more information and a quote please contact Hayward Wright on 01527 69321.