The benefits of independently audited financial information
At Hobsons we know that the availability of cost effective accurate, credible financial information can be a significant benefit to owner managed businesses and SME’s.
The statutory audit thresholds have increased recently, taking a number of companies outside the scope of audit requirement. However, we believe that many companies, who are not legally obliged to have an annual audit, would benefit from access to audited financial information. A number of reasons for this are as follows:
- Audited information can be used to strengthen relationships with key stakeholders, including the banks and external shareholders.
- A set of audited accounts will be seen positively by customers and suppliers when monitoring the creditworthiness of your business, as it demonstrates that they can rely on the reported financial information.
- Audits can be used as a deterrent to fraud and help to promote accuracy and efficiency in your accounting systems.
- The rigour of an audit can benefit start up companies and those seeing high levels of growth, because it allows for a review of the company’s accounting systems and controls to ensure that these keep pace with the development of your business.
Reviewing your systems and internal controls
Our dedicated Audit and Assurance team work closely with clients, to not only carry out the statutory audit, but in doing so look at the systems and controls in the business, with a view to offering recommendations for improvement and advising on current best practice.
With this proactive approach our procedures are tailored to meet the specific requirements and circumstances of your business and its operational environment. We emphasise the benefit of treating the annual audit as an opportunity to obtain constructive, independent comment and advice on the strategic development of your business.
We will always work closely with your accounts staff to ensure we take full advantage of the work they carry out. Planning well in advance and discussing your specific requirements helps ensure that the process is as simple and beneficial as possible.
The benefits of Hobsons approach to close personal service
Your business will benefit from a personalised Partner-led team who will spend time with you to understand your business, and give you a clearly defined point of contact to deal with any queries.
We are aware that every client has different requirements and priorities, and we will tailor our approach accordingly.
In addition to working with statutory audits for companies, we also specialise in regulatory audits in the following sectors:
- Solicitors – Solicitors’ Regulation Authority (‘SRA’) Accounts Rules 2011 reviews on client accounts;
- ‘ARLA’ audit reviews of client account balances for letting agents
- Pension schemes
Our qualifications and memberships
Hobsons is registered to carry out audit work in the UK by the Institute of Chartered Accountants in England and Wales (‘ICAEW’). Details about our audit registration can be viewed as www.auditregister.org.uk under reference C003973256.
Require more information?
If you would like more information or would like to speak to us direct then call us on 0115 9621590. Or if you would prefer, ask us a question online.