Why are Audit’s important? An audit is important as it provides credibility to a set of financial statements and gives the shareholders confidence that the accounts are true and fair. It can also help to improve a company’s internal controls and systems. How are...
Can audit fees be paid in advance? The timing of the payment of audit fees is agreed between the company and the auditor. Some auditors require part of the audit fee to be paid up front with the rest paid as the audit progresses. Are audit fees tax deductible? Audit...
Auditing has recently been the subject of bad press and increased public debate due to both the collapse of Carillion, and the auditors of BHS receiving large fines for misconduct. Auditors are independent accountants who are required to give an opinion on the...
Does my business have to be audited? The audit regime only applies to limited companies and LLP’s. Unincorporated sole traders and partnerships are exempt whatever their size. When do I have to have my company audited? For a non-group company, you will need to...
An assurance assignment is an independent and professional service involving a review of a business’ financial procedures and controls to help improve the information that managers, directors and owners receive with which they make important day to day business...
