In the UK, where a company meets two out of three of the following criteria, it is required to have an audit:
- has a turnover of more than £10.2m
- assets of more than £5.1m, or
- more than 50 employees
For charities, the criteria for having an audit is:
- gross income of more than £1m, or
- gross assets over £3.26m and income over £250,000
Notwithstanding the above, it is also quite common for organisations that do not meet the above criteria to voluntarily elect to have an audit as part of having good governance procedures, or as part of the audit of a group that itself requires an audit.
At Knox Cropper, we provide high quality, specialist audit services to a wide range of organisations, including large corporates, owner-managed businesses, charities and other not for profit organisations.
Our specialist teams have a detailed knowledge of the sectors they work in and are able to draw upon their experience to benefit clients. Our audit programmes are specifically adapted for each client.
The key elements of our audit approach are:
Based on our knowledge of the sector in which you operate, and a thorough understanding of your business, its operation and systems, we identify the principal risks that affect your organisation and could potentially result in the financial statements being misstated. At an initial meeting with senior management, we seek to confirm our understanding.
Effective communications throughout the year
Throughout the audit process, we keep you informed of our progress and, on completion of our detailed work, we hold a wrap up meeting to discuss the key matters arising from our work. We work with our clients to identify potential amendments to the financial statements and improvements to the underlying systems and controls. On completion of our audit, we issue a formal audit letter to you summarising the key issues arising from the audit and any weaknesses which we have identified, together with recommendations for improvement. We are also happy to attend any board meetings at which the financial statements are discussed.
We endeavour to keep clients appraised of latest developments in their sector by issuing technical updates on our website and by emails. We are also available, throughout the year, to provide advice on any ad-hoc queries that might arise.
Value for Money Fee
We operate using the latest technology. We keep our overheads to a minimum and we invest heavily in training our staff to work efficiently and effectively. As a result, we are able to offer an expert service at a value for money fee.
We offer a range of additional services to our clients including:
- Trustee and director training sessions, particularly in relation to understanding financial statements and their responsibilities in relation to the organisation
- Assistance with the preparation of financial statements, ensuring that they are fully compliant with legislation and regulations
- Ad-hoc advice throughout the year
Should your organisation require an audit, or you would like advice or guidance in relation to this, please contact one of our team below.