Audits in Accounting
Audits are performed to ascertain the validity and reliability of information; also to provide an assessment of a system’s internal control. The goal of an audit is to express an opinion on the person / organisation / system (etc.) in question, under evaluation based on work done on a test basis.
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Assurance is a service used with the aim of improving the quality and transparency of information. Assurance usually in auditing appeals to analysing documents and proving the accuracy of what has been analysed.
Companies often ask us to provide assurance services for risk assessments, system reliability, healthcare or business performance or their financial statuses – all of these will eventually be sent by our clients to their clients and/or the professional bodies like the HMRC.
The aim of the both the Audit and Assurance is to build trustworthy and reliable relationships between you and your partners, the public and the relevant bodies. The Assurance is more than just looking at the past performance to generate a report which will tell you where and when you have gone wrong but it provides valuable insights of your business which is essential for improvement.
The Audit on the other hand, is a vital part of becoming that trustworthy individual, representing your business in the most liable way.
The L&S Accountants will provide you with only up to date information and advise.
All of our Services not just Accounting, are all HMRC Compliant so there is nothing to worry about and we will professionally represent you.
Most medium and large-sized businesses are required to conduct an independent audit at the end of each financial year which will conduct information from all the income statement, cash flow and balance sheet. This is a proof of how the business is bringing in income and proves its liable sources.
An outsider will give you an outlook on your business you may not be able to see yourself; clearly speaking an unbiased picture of your business. What will be provided to you is a feedback on the current procedures, methods and key systems and recommendations on improvements.
Audit will evaluate any misinterpretation and misrepresentation done in financial reports, frauds and any dishonest activities done by the company or towards the company whereas the Assurance improves the quality of the given information.
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