The vast majority of limited companies, both private and public are required by law to prepare accounts and make them available for public inspection by filing them at Companies House. The format of these accounts is prescribed by the Companies Act.
What the law requires
The law requires that the financial statements prepared by directors give a true and fair view of the financial performance and financial position of the company. Auditors are required to prepare a report to shareholders stating whether, in their opinion, financial statements give a true and fair view and comply with the law. The Auditors responsibility is to the shareholders of the company.
Levy + Partners approach
In addition to our statutory obligations as auditors, our aim is to add value to your business through our commercially driven audit methods. We use a risk based approach where significant emphasis is placed on gaining a thorough understanding of the business – how it operates, the major issues faced by management and the controls implemented.
We identify and focus our attention on the critical issues. The use of analytical review procedures and modern sampling techniques ensure that audit work is completed as efficiently as possible, without disrupting our client’s day to day business operations.
As part of the process we will report to management any significant areas of weakness in their management systems and controls and offer advice on improving the financial and management systems. We provide constructive advice on the efficient running of the business including recommendations for improving IT systems.
A well planned audit process will provide an ideal opportunity to review the ongoing development of your business and the fulfillment of your statutory obligation.
Audit Exempt Companies
Recent changes in legislation mean that certain small companies are exempt from the full audit requirement but still require statutory accounts to be filed at Companies House and accounts and tax returns and computations to be submitted to the Inland Revenue.
Levy + Partners offer a whole range of services which you can select individually or as a whole.
