Audit and Assurance
Why have an audit? An audit is an helpful and useful exercise for clients to take stock of their business performance - regardless of whether or not it is a banking or legal requirement. This is how the ICAEW explains Audits and the role of Auditors www.trueandfair.org.uk
For periods ending on or after 1st October 2012 a company is exempt from the requirement to have a statutory audit if it qualifies as a small company. In order to qualify as a small company an entity must satisfy two of the following three requirements for two successive years; Turnover less than £6.5m, Gross Assets (fixed and current assets) less than £3.26m and less than 50 employees. It is also possible for a subsidiary company to be audit exempt if its parent company provides a guarantee for its liabilities. This gives a brief summary of the main points concerning whether or not a company requires an audit, however audit exemption is not clear cut and we would advise you to speak to us in this respect.
At Bloomer Heaven we are committed to conducting audits ethically and independently. Our audit starts with a full review of your systems to enable us to fully understand how you operate. We not only assess how your business has performed but also identify any risks or weaknesses that could be adversely impacting on growth and success. We therefore add value to your organisation by showing you how further improvements can be achieved.
In addition to statutory audit we also regularly prepare reports for due diligence assignments, grant applications and for banks.
One of our Directors, Christopher Stephen-Haynes is a member of the ICAEW panel developing assurance reporting for the SME market. The firm is taking a leading role in promoting assurance reporting and creating a better understanding in this market.
As registered auditors we have a commitment to upholding the highest quality and technical standards and our training structure and stringent internal controls ensure that this is achieved. As part of the added value service clients will also receive regular input by way of contact with a director or senior member of staff to ensure that they have all the information necessary to operate their businesses as effectively as possible.