Frequently Asked Questions

General Audit FAQs

  • An audit is an independent examination of financial information to provide assurance that it is free from material misstatements and complies with applicable standards.

  • Companies require audits to comply with legal obligations, provide credibility to financial statements, and assure stakeholders of their accuracy.

  • Qualified external auditors or audit firms, registered andregulated by professional bodies (e.g., ICAEW in the UK), conduct audits.

  • Internal Audit: Performed by in-house teams focusing on improving internal processes and controls.

    External Audit: Conducted by independent auditors to provide assurance on financial statements.

  • Financial Audit

    • Compliance Audit

    • Operational Audit

    • Forensic Audit

    • Information Systems Audit

Audit Process FAQs

    • Planning

    • Risk assessment

    • Gathering evidence (substantive and control testing)

    • Evaluation of findings

    • Reporting

  • The timeline varies based on the size and complexity of the entity, but it generally takes a few weeks to months.

    • Trial balance

    • Financial statements

    • General ledger

    • Bank statements

    • Contracts and agreements

    • Invoices and receipts

    • o Board minutes

  • Material misstatements: Reported to management and adjusted if possible.

    Immaterial errors: Highlighted but may not affect the audit opinion.

    • Unqualified (Clean)

    • Qualified

    • Adverse

    • Disclaimer

Audit Standards & Compliance FAQs

    • ISA (UK): International Standards on Auditing (UK)

    • FRS 102: Financial Reporting Standard applicable to UK entities

    • Companies Act 2011

  • By adhering to ethical standards (e.g., FRC Ethical Standard) and avoiding conflicts of interest through ‘Chinese walls’ and rotation policies.

  • Materiality: The threshold for errors/omissions that could influence decision-making.

    Risk: The likelihood of material misstatements due to error or fraud.

  • It outlines the auditor’s responsibility to consider fraud in financial statement audits.

  • By evaluating the company’s ability to meet obligations and remain operational for the foreseeable future (typically 12 months).

Client-Specific FAQs

  • Auditors aim to minimize disruption by planning and coordinating with management.

  • No, per ethical standards, auditors cannot provide non-audit services like account preparation for the same entity to avoid conflicts of interest.

  • Fees are based on the complexity, size, and industry of the entity and the scope of work.

  • Non-compliance with statutory audit requirements may lead to penalties and loss of stakeholder confidence.

  • Yes, if the audit opinion is disputed, management can engage with the auditor to address concerns.

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    Alison Purvis, Founder, Unwrap Your Potential

  • "I have been a client of Susan's since 2007. She and her team manage the accounts in my medico-legal business. I was introduced to them through word of mouth. I have always found the staff very responsive and helpful. When I had a dispute the with VAT office several years ago, they were very supportive and Susan herself attended the tribunal and was able to successfully represent my case. My accounts are always ready well in advance so financial planning starts early. I can’t recommend them enough."

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    Julie, Integrity Coaching and Training Ltd

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    Zuberul Huda, Restaurateur & Property Investor