An audit need not be a painful experience
So, you need an audit. Or maybe you just want one. Either way, Hazlewoods can help. We have a huge amount of experience in the increasingly specialised area of audit and assurance. We understand the delicate balance between meeting our compliance objectives and providing you with a meaningful, efficient service. Crucially, we believe strongly in all our people conducting themselves in the right manner – from the audit junior right through to the partner.
We believe in building friendly, constructive relationships with our audit clients to help make the process as smooth and as pain-free as possible. Our team of audit experts are fully trained on the latest developments in Auditing Standards, and the use of our paperless audit software package.
There are many reasons why you may undertake to have an annual audit, and in each case we can help.
We have extensive experience in auditing companies listed on PLUS, AIM and the main LSE market. We understand the requirements facing listed companies, including:
- Listing Rules
- Corporate Governance
We have a particular focus on AIM companies and investment unit trusts.
All companies or groups with turnover greater than £10.2 million, and gross assets above £5.1 million, require an audit.
We have over 400 private companies requiring audit in our client base, including many owner-managed businesses. 80% of our audit clients fall within the £2m to £25m range of turnover, but we act for a number of clients with a turnover exceeding these amounts. Our largest client has a turnover in excess of £100 million.
If you have overseas subsidiaries, we are able to work with your overseas auditors and accountants. Our links with HLB International give us access to overseas firms, if you do not already have these in place.
Some companies below the audit thresholds also have an audit undertaken. The usual reasons for this are:
- requirement of the bank or other lenders
- external shareholders requiring an audit
- an audit is written into the company’s Articles of Association
Even where none of these requirements exist, a voluntary audit can be invaluable in providing an annual check on the company’s systems, maintaining the disciplines of year end reporting, and providing peace of mind to the directors.
Subsidiaries of overseas companies
You may be a subsidiary of an overseas company, but have freedom to choose your own auditors. Hazlewoods have vast experience in acting in such situations, and appreciate the need for a professional and responsive approach when dealing with group auditors. We are also aware of the time pressures often involved in group reporting, and are able to provide a service tailored to the requirements of your company and the group as a whole.
Charities and other not-for-profit entities
The audit thresholds for charities are lower; charities with an income of over £500,000 require an audit. Hazlewoods charity specialists deal with all types and sizes of charity and are able to offer intelligent and focussed audit solutions. We understand that a charity has a different culture and outlook to a commercial trading company, and tailor our services accordingly.
We are also able to offer audit services to:
- Not-for-profit companies not registered as charities
- Registered Social Landlords
- Trade bodies and associations
There are many grants available to companies to help them grow and expand. These often come with a requirement to have a periodic audit or assurance exercise. Hazlewoods has experience in providing accountants’ reports on grant claims for many different bodies, including:
- European Union
- Local government bodies
- Technology Strategy Board
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