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AUDIT

We are registered auditors and our team is comprised of staff members that are familiar with the working practices of the client. We identify areas of risk and tailor our work to ensure that the financial statements are free of material misstatements. Our audit team take the opportunity to examine your business and advise on ways to improve profitability and efficiency.

The audit is primarily an independent report to your shareholders about the company's profitability and state of affairs, but Matthews Hanton believes it has many more advantages. The audit should actually be used to add value to our clients' business and to ensure that positive benefits are gained from our procedures.

Currently all Companies or Limited Liability Partnerships with an annual turnover of over £5.6 million excluding VAT and gross assets of more than £2.8 million are required to have an audit. However there are many other reasons to have your accounts audited, even if you fall below the threshold. These include

• It provides an external inspection on internal accounting procedures.
• It can be a means of identifying internal weaknesses.
• Where a business is regulated. Examples of regulated businesses include financial services providers, charities, friendly societies and solicitors.
There are often additional reporting requirements for these businesses, as the regulators often require assurance on procedural issues in addition to financial issues.
• It can be used to provide additional assurance to shareholders and banks.

A - Added Value
U - Understanding
D - Decision making
I - Investigation
T - Tailoring
I - Independence
N - Negation of material misstatement
G - Growth