At Pierce we take the time to understand the unique and complex nature of our clients’ businesses, aligning our Audit services to precisely reflect their needs.
We advise a diverse array of clients from fast-growing enterprises to large established businesses, combining commercial insight with technical expertise, to help businesses manage all aspects of their audit, assurance and financial activities.
For larger businesses we have a dedicated Audit team with wide-ranging experience in assurance work. This means we keep our clients up to speed with any changes to financial reporting requirements and related legislative and technical alterations.
We will give you the information you need to make the strategic decisions vital to business development, whether this is about managing finances, improving cashflow, or meeting regulatory obligations.
What is an audit?
An audit is an independent examination of the financial statements and underlying records of a company.
The audit will ascertain the validity and reliability for information and also provide an assessment of the internal controls of a system.
The Audit team at Pierce will work with you to develop a tailored audit plan to suit your individual business and controls.
The benefits of the audit are explored further here
Do I need an audit?
Most limited companies do not need to have their annual accounts / financial statements audited.
A company is exempt from having an audit as long as it does not breach more than one of the following criteria:
- Annual Turnover of £6.5 million
- Assets of £3.26 million
- 50 employees
The company’s own constitution or the shareholders may insist on an audit even if you are below the above limits. We can advise you in order to ensure that you comply.
It is a myth that there are no commercial benefits to an audit of your accounts. The commercial benefits are numerous and can make the difference in the continued growth and existence of the business.
Why should I have one?
All limited companies should consider an audit of the accounts / financial statements. This is recommended for companies that have a turnover of £2 million or more.
Companies that would benefit from an audit include those that are:
- Growing rapidly
- Have banking / funding difficulties
- Trade in a sector that require an audit
- Tender for work or are in a supply chain
- Considering a sale in the medium term
The benefits of the audit of the accounts / financial statements include the following:
- The credibility of the accounts will be increased to all users of the accounts.
- Banks and funders regularly insist on an audit and the audit can increase your chances of funding
- Owners of businesses can gain assurance from the audit particularly when they are separate from the management
- A good credit rating is important to open credit accounts and to win new customers or tenders. The audit can increase your credit rating and the confidence in your accounts and health of the business.
Starting up a Business
Starting a business is a very exciting time especially if it is your first business.
If you have already decided on your business plan then we can assist you with your compliance needs allowing you to concentrate on what you do best, being an entrepreneur.
If you need help creating a business plan or desire a constructive view on your existing plan then our business services team have a wealth of experience to share with you.
We offer a free meeting and guidance on your regulatory needs in order to ensure that you are compliant with HM Revenue & Customs and other regulatory requirements.
We have established numerous businesses in all sectors.
There are many different business structures from sole traders to PLCs and it is vital that the correct structure is used from the outset in order to ensure tax liabilities are mitigated. In addition, the correct structure can offer protection for your personal assets against the risks of business.