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Accountants & Business Advisors

What is an audit and why have one?

Mandatory for some and optional for others, an audit provides a robust review of your accounts to ensure that the business is running smoothly.

If your business fulfils two or more of the following criteria an audit is statutory requirement, if not you can read more here about why you should consider an audit.

For periods beginning on or after 1 January 2016:

  • turnover exceeds £10.2 million
  • gross assets exceed £5.1 million
  • business employs more than 50 staff

James Cowper Kreston combine great expertise, a pragmatic and commercial approach and a deep understanding of your business to provide a first class audit service which is tailored to your business and your needs. We offer: Accountants Complication reports, Limited Assurance review and Agreed upon procedures.

Why have an audit? 

Having independent and unbiased confirmation of the businesses financial position and processes are useful for a variety of reasons:

An audit adds to the reliability and credibility to the published financial statements. This may be particularly useful to potential purchasers if the business owner(s) are planning to sell the business in the next few years.

Undertaking an audit will enable your advisors to measure and offer advice on the businesses Key Performance Indicators which will have real benefit to the running, and profitability, of the business going forward.

An audit will provide the stakeholders not directly involved in the day to day accounting function of the business the peace of mind that the numbers are accurate and processes and procedures are in place to minimise the potential for inaccurate accounting and in the worst case scenario, fraud.