Audit Background
All companies are required to prepare accounts: normally larger companies with a turnover over a certain size threshold are legally obliged to have an annual audit.
At Lewis Smith & Co., we believe that an audit represents far more than a statutory business obligation: it provides the opportunity to conduct a detailed “health-check” on your business, to pinpoint any potential areas of weakness and to suggest new opportunities for improved profitability and business efficiency. Our approach to audit is to provide users of the accounts not only with an assurance that the accounts are not materially misstated but also to give a proactive service in recommending improvements to systems or performance factors.
Sometimes an audit may be needed for a reason other than the legal requirement – for example in support of loan applications, maintaining or increasing finance facilities, or simply at the request of the owners.
Audits
Our audit techniques are designed to be cost-effective and to ensure that all legislative requirements are efficiently dealt with. We are aware that timely information is essential for decision making and therefore plan to carry out each audit as soon after the year end as practical.
We are registered to carry out audits by the Association of Chartered Certified Accountants (ACCA). Lewis Smith & Co. ensures that all audited accounts comply with current statutory requirements, Financial Reporting Standards (FRSs) and International Standards on Auditing (ISAs).
If you aren’t sure what auditing your business requires or even if your business requires an audit then we can provide advice so that you can make the right decision.
Contact Lewis Smith & Co. today and let us know how we can help you establish the right audit profile for your business.
Lewis Smith & Co. – Accountants for Pensnett businesses
