Home: Our Services : Audit

Audit

Almost all limited companies, both private and public are required by law to prepare accounts and file them for public inspection at Companies House. The format of these accounts is prescribed by the Companies Act.
 
The law requires that the accounts give a true and fair view of the financial position of the company. Auditors are required to prepare a report to shareholders stating whether, in their opinion, those accounts do give a true and fair view and whether the accounts comply with the law. It is therefore to the shareholders that the responsibility lies. Collett Hulance are registered to carry out these audits by the Association of Chartered Certified Accountants.

In addition to our statutory obligation, our aim is to add value by gaining a thorough understanding of the business. We will identify and focus our attention on the critical issues. Using modern sampling techniques and analytical review procedures we ensure that audit work is completed as efficiently as possible, without disrupting our clients daily business operations.

As part of the process we will report to management any significant areas of weakness in systems and controls and offer advice on improving financial and management systems. We aim to provide constructive advice on the more efficient running of the business including recommendations for improving IT systems.

We believe that a well planned audit should provide a perfect opportunity to review the continuing development of a business and not merely the fulfilment of a statutory obligation.
 
Recent changes in legislation mean that most small companies are exempt from the full audit requirement but audits are often required by the shareholders, banks etc, to produce audited accounts. Non audit companies still require statutory accounts to be filed at Companies House and accounts and tax computations to be submitted to HM Revenue & Customs. Collett Hulance can fulfil this requirement for you.