Audit and Assurance Services
For businesses looking to streamline operations whilst mitigating risks, audit and assurance services are an essential consideration. As well as providing access to accurate financial information these services also build stakeholder confidence, ensure compliance with regulations and help to maintain strong corporate governance standards.
Audit and assurance are two processes that work together to evaluate a company's financial records. Auditing entails ensuring that information is presented ethically, fairly, and accurately. It also verifies that accounting reports adhere to standards and founding principles. Assurance verifies that there is no misrepresentation in financial records, no misuse of funds, no fraud, and no fraudulent activities have occurred and notifies all company stakeholders.
By combining the two, companies can work more confidently no matter their size or sector. The benefits? Improved image, increased stakeholder trust and less chance of operating errors.
The Types of Audit We Offer
At Hysons, Chartered Accountants, we offer a financial statement audit - A financial statement audit is an examination of a company's financial statements by an independent auditor to ensure that they are accurate and comply with accounting standards. The purpose of a financial statement audit is to provide assurance to stakeholders, such as investors, creditors, and regulators, that the financial statements are reliable and free from material misstatement.
How We Carry Out The Audit and Assurance Process
Our Audit Processes
Engagement Planning: At Hysons, our audit process always commences by our team developing an understanding of the company's industry, operations, and risks. They assess the materiality of financial statements and identify key audit areas.
Risk Assessment: As a secondary activity, we Identify and evaluate internal and external risks that may impact financial statements. Assess the adequacy of internal controls to prevent and detect errors or fraud.
Audit Program Development: The process then see’s our team create a detailed audit plan outlining the scope, objectives, and procedures. Determine the sampling methods and select a sample of transactions and balances for testing
Fieldwork: The next phase means conducting some on-site visits to gather evidence and perform substantive testing. During these visits, we test key account balances, transactions, and assertions. Interview company personnel and request supporting documentation.
What We Include In Audits
Audit Documentation: The entire audit process has the goal of maintaining comprehensive records. This includes a record of the procedures performed and results obtained. We also document any discrepancies or issues identified during the audit.
Materiality Assessment: Throughout the audit we work to evaluate the impact of misstatements on the financial statements and determine materiality thresholds.
Subsequent Events: We also assess whether any significant events occurred after the balance sheet date but before the audit report's issuance.
Management Representations: Obtain written representations from the company's management regarding the accuracy and completeness of financial information.
Services We Provide
Audit Report Preparation: Summarise findings and conclusions in the audit report. Express an opinion on the fairness of the financial statements.
Communication with Audit Committee: Meet with the audit committee to discuss audit findings, any significant issues, and management's responses.
Completion and Review: Review the overall audit work and ensure all necessary procedures have been completed. Obtain final approvals from the engagement team.
Audit Report Issuance: Issue the audit report, which includes the auditor's opinion on whether the financial statements present a true and fair view.
Post-Audit Actions
Follow-up Procedures: Address any unresolved issues or concerns with management.
Ensure any adjustments to the financial statements are properly recorded.
Report Filing: Submit the audit report and accompanying financial statements to relevant regulatory bodies, such as Companies House in the UK.
Continuous Professional Development: Auditors are required to engage in ongoing training and education to stay updated on auditing standards and regulations.
Independence and Ethical Considerations: Adhere to ethical standards and maintain independence to ensure unbiased and objective auditing.
Quality Control: Firms have quality control procedures in place to review and ensure the audit's accuracy and compliance with auditing standards.
Regulatory Compliance: Ensure compliance with the UK's regulatory framework for auditing, which may involve periodic inspections by regulatory authorities.
Documentation Retention: Maintain audit documentation for a specified period to meet legal and professional requirements.
Continuous Improvement: Reflect on the audit process, identify areas for improvement, and implement changes to enhance future audits.
Getting Value Out Of Your Audit
With the audit threshold rising in recent years, the statutory requirements have meant fewer companies are required by law to have an audit. However, an audit can be so much more than simply a forced and required overhead.
An audit will add credence to your accounts, reduce the incidence of fraud and give us the opportunity to advise you on other matters, such as your internal controls and systems. Also, many finance providers will want audited accounts to facilitate the decision to lend.
What's The Difference Between Using The Big 4 Or A Local Chartered Accountant Practice?
When choosing an accountant for your business, one of the big 4, may sound like the best option. However, it's important to consider local accounting firms, as there are many reasons why they may be better for your accounting services. When it comes to working with Hysons, we will ensure there is one person dealing with your accounts, as well as having someone who you can contact directly.
By choosing local, you benefit from a speedier service and better interaction to ensure everything runs smoothly.
Why Choose Hysons?
Hysons can perform audits for small and medium businesses as part of our business accounting services. While you focus on running your business, our team of qualified chartered accountants will look for ways to improve your finances, utilising our extensive knowledge and understanding of the ever-changing financial legislation to provide a comprehensive and detailed audit.
Registered Auditors
As registered auditors, we provide our services to Companies, Solicitors, Charities, Financial Service Organisations, and Specialist Audits such as grant-claim verification. Hysons is registered to carry out audit work in the UK by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C004124832.
Our audit work is conducted in accordance with International Standards on Auditing (UK & Ireland) details of which can be found at www.frc.org.uk. In addition, we follow the Audit Regulations and Guidance set at www.icaew.com and are bound by the Auditing Practices Board's Ethical Standards set out at www.frc.org.uk
All web pages are in English.
For further information and advice on Audit & Assurance services, contact Hysons and book a free consultation with our team in Hampshire.
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