Our Audit Philosophy and Method
Our aim is to carry out a cost-effective audit which is in accordance with the highest standards of professional practice.
We approach audit assignments with a certain degree of professional scepticism and base audit conclusions on objectively assessed audit evidence.
Communication is key to a successful audit. We think it is important to listen to our clients and consider the implications of what they tell us - not only during the audit assignment but throughout the year.
We aim to assist our charity clients in preparing, as early as possible, for changes in accounting and disclosure requirements and for ensuring that all relevant issues are addressed.
The annual audit cycle
Planning - The audit planning meeting provides the opportunity to discuss important events in the year, the systems and risks related to the charity, our audit approach, agree deliverables and decide timetables.
Interim - During our field work, any exceptions identified will be investigated. Where appropriate these will be discussed with the charity and cleared appropriately.
Final - At the final stages of the audit we will discuss the matters arising from the audit at a close down meeting. Once all issues are cleared we will produce the financial statements for approval by the board.
AGM - The final audit communique (FAC) explains how we have carried out the audit, the risks identified and adjustments made, and our recommendations for improvement.
We understand a change of auditors can feel like a major disruption. This is why we aim to make the transition as smooth as possible. We have carried out this process many times for our charity clients and know what works to ensure a seamless move.
Independent Examination
Where a charity's annual income is below the audit threshold*, the trustees are able to choose to have an independent examination instead of an audit. Its purpose is to give the charity's trustees, supporters, beneficiaries and the wider public. some independent assurance that the charity's money has been properly accounted for. It usually costs less than an audit as it requires the examiner checking for specific matters only and does not involve forming an opinion as to whether the accounts are 'true and fair'.
We can perform an independent examination or provide one-off tax and accounting advice if required.
* the charity's gross income is more than £25,000, but not more than £1 million, provided that if its gross income is more than £250,000, its gross assets (fixed assets plus current assets) are £3.26 million or less.