£10.2 MILLION AUDIT THRESHOLD; ETHICAL STANDARDS AND ISAs COMPLIANCE: CAN YOUR PRACTICE COPE?
The increase in audit threshold has enabled many companies not to have a statutory audit and, therefore, many accountancy firms are left with very few audit clients. With the increasing burden of audit regulations, this situation would not be economical for many small practices. The additional compliance issues in the form of Ethical Standards and International Standards on Auditing (ISAs) have added a huge burden on such practices, and there are likely to be more changes in the coming years.
We believe we can help you to overcome this dilemma by various options available to you:
- We carry out audits for you from start to finish and your involvement will be kept to the minimum (i.e. manage the audit)
- We plan, supervise and review the audits for you, whilst the detailed work and final approval is carried out by you or your staff.
- We carry out hot and cold file reviews and guide you in addressing any shortcomings. In addition we can assist you with monitoring issues.
- We take over the audit work whilst you may continue to provide non-audit services by an arrangement with your clients and yourselves.
By working with us, you would benefit from a mutually beneficial relationship that will not compromise your client confidentiality or working relationship with them. Our team is qualified with several years’ of experience in auditing a variety of organisations and have successfully carried out several assignments for accountancy firms under the arrangements described above. Our main emphasis is on SMEs and owner managed businesses.
We maintain a high auditing standard and keep up-to-date with the changes in auditing and accounting standards. If required, you could talk to some of our clients.
If you think that you would like to consider any of the above options and would like to talk further, please give us a call or email us.