Audit & Assurance

A valuable health check of your business.

Our Auditing Services are at the core of our work as an Accountant and Business Adviser

At SFB we deliver audits that will add value to your business. We have a unique approach to delivering audit services, which we provide to local, national and international organisations. We transform what is considered to be an unnecessary overhead into a valuable health check of your business.

Some limited companies and other entities are required by law to have their annual accounts audited. While audits are often perceived as a headache, independently audited accounts and systems by outside auditors actually result in greater efficiencies and improved accountability for your business.

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What criteria need to be fulfilled for an External Audit?

Over the years, the criteria for external auditing have changed. Currently external auditors need to be used by most companies that meet two out of three of the following criteria:

Turnover is more than £10.2 million
Company assets totalling in excess of £5.1 million
More than 50 people are employed

It is the case, however, that many exempt companies do still choose to engage an audit firm, voluntarily. This is because an audit can add an extra layer of confidence in their financial statements and financial reporting, over and above on-going management accounting, leading to better corporate governance. It might also be the case that key stakeholders require the company to complete an audit to satisfy their own internal auditing criteria at the year end, in order to spot and rectify weaknesses in corporate accounting procedures, and also verifying financial reporting standards.

A forward-thinking Audit Company

That’s why SFB have a forward thinking audit approach. Keeping your finances under control and reviewing your management systems are essential tools for ensuring your business is on the right path to success. SFB’s audit services will provide you with confidence in the accuracy of your financial statements, and assurance as to the efficiency and effectiveness of your accounting procedures and internal controls. Auditing will also give a greater credibility to your accounts, which is important to customers, suppliers, lenders, credit ratings and HMRC. SFB are registered accounting and business auditors and have long experience of undertaking auditing work for a wide range of businesses, from small family-owned companies to large organisations. Our audit systems and methodologies are state of the art, as you would expect from a professional accountant and external auditor. The audit controls we adhere to ensure that there is strong compliance to the requirements. If deficiencies are spotted, corrective action is quickly recommended, working to agreed upon procedures, meaning the audited financial statements are accurate and robust now and into the future. We also offer forensic accounting when deep scrutiny of financial records is required. Our audit management services offer excellent value for money. We have a clear pricing policy, so you are fully aware of the cost before any work is started.

Our specialist Audit Team covers:

Statutory audits
Assurance reports
Independent examinations
Specialist audits for charities, solicitors and financial services
Non-statutory audits

At SFB, we will not only help you through the audit process, adhering to the highest audit procedures and standards, we will work with your business on an on-going basis to help it to reach its potential and achieve its goals.

Outsourced Accounting and Audit Services for other firms of Accountants

The changing criteria for audits have seen a drop in the number of audit firms that offer full audits as part of their accounting services. This can be a problem for them if/when an existing client grows sufficiently to hit the audit criteria, or decides they want an audit anyway. That’s where our team can offer them the SFB outsourcing audit plan. We have the resources to parachute in a ‘white label’ team of auditors into another accountancy firm to undertake the audit for their client. This means they remain responsible for auditing and keeping their client happy with the professionalism of their audit service.

Contact us about our Audit Services

For more information on the SFB approach to audits, please contact SFB on 03333 444 171 or email enquiries@sfb.group. We also offer a full range of other financial services, from tax services (including tax returns), to bookkeeping, payroll, business consulting services, business growth advice and corporate finance.