Audit Accountant

Audit

Streamlining procedures, providing assurance

Audits are an independent function that provide stakeholders with confirmation that the company’s financial statements are free from material misstatement and prepared in accordance with the relevant accounting standards.

An audit carried out by specialist accountants at Banks Sheridan is much more than a check of the numbers, it is an opportunity for us to make a positive difference to the company. We focus on key risk areas and controls leading to practical recommendations to help improve business performance. In addition to providing confidence, regarding the company’s financial statements, record keeping and controls, an audit can also prove to be influential in various commercial situations, for example, if external funding or a potential buyer is sought.

Auditor Accountant

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Banks Sheridan: Comprehensive Audit Services Tailored to Your Business Needs

Why is Auditing Essential?

Auditing, in essence, is a systematic process where audit accountants examine a company’s financial statements. This examination ensures that the financial records are a fair and accurate representation of the transactions they claim to represent. It can be beneficial for:

Ensuring Compliance: Regulatory bodies often require audited accounts to ensure businesses adhere to financial standards and regulations.
Building Trust: Stakeholders, investors, and financial institutions often rely on audited accounts to make informed decisions.
Identifying Discrepancies: A thorough audit can highlight discrepancies, inefficiencies, or areas of improvement in financial management.

Our Audit Approach

At Banks Sheridan, our approach to audit and accounts is holistic. We don’t just look at the numbers; we delve deep into your business operations. Our audit process involves:

Understanding Your Business: Before diving into the numbers, we invest time in understanding your business, industry, and operational challenges. This helps us provide insights that are relevant and actionable.
Detailed Examination: Our audit accountants meticulously examine financial statements, ensuring they reflect the true financial position of your business.
Use of Latest Technology: We leverage advanced audit tools and software, ensuring a seamless and efficient audit process.
Feedback & Recommendations: Post-audit, we provide detailed feedback, highlighting areas of improvement and offering recommendations to enhance financial processes.

Financial Audit Services & Beyond

While financial audits are essential, we also specialize in other types of audits, including operational and compliance audits. Whether you’re looking to understand the efficiency of your operations or ensure compliance with specific regulations, our team is equipped to assist.

Why Choose Banks Sheridan for Your Audit Needs?

Experienced Team: Our team of audit accountants brings years of experience, ensuring a thorough and reliable audit process.
Tailored Solutions: We understand that every business is unique. Our audit services are tailored to meet the specific needs and challenges of your business.
Transparent Communication: We believe in transparent communication. Throughout the audit process, we keep you informed, ensuring there are no surprises.
Value Beyond Numbers: Our audits are not just about compliance. We aim to provide value, offering insights and recommendations that can drive business growth.

In the realm of audit accounting, Banks Sheridan stands as a trusted partner for businesses across Cheshire and beyond. Our commitment to excellence, combined with our deep industry knowledge, makes us the go-to choice for all your audit needs.

Contact us today to discover how Banks Sheridan can provide clarity, compliance, and confidence through our comprehensive audit services.

Case studies

John Pass Limited

The company is a third-generation family-run retailer, selling fine jewelry and watches. It operates from two shops and is widely recognised for providing excellent customer service.

Frequently asked questions

An audit is an independent review of your business’s financial statements to verify that they give a true and fair view of the financial position of the company and whether the company is operating in a legitimate manner. As a company grows this becomes more difficult to determine, which is why an audit helps.

An audit can uncover mistakes made along with financial fraud and it also acts as a deterrent for criminal activity.

Usually, if your business is a limited company, it is legally required to have an external audit if any two of the following criteria are met:

The company turnover is above £10.2 million
The company assets total more than £5.1 million
The company has more than 50 employees

Even if the criteria above have not been met, any shareholder who owns at least 10% of the business can make a request in writing to the limited company’s registered address within at least one month before the financial year end that the audit is being asked for.

Banks Sheridan are registered auditors who are approved to carry out Statutory Audits and who are governed by The Institute of Chartered Accountants in England and Wales. We have a friendly and dedicated audit team who will guide you through the legislative requirements and process.

If your company meets the legislative criteria to have an audit you will need to have one carried out each year after your financial year end has passed and you have 9 months to then have it submitted to HMRC and Companies House. The independent audit opinion must be submitted at the same time as your annual accounts filing deadline.

Although every audit will be different depending upon the company, most audits cover similar steps such as:

discussing the scope of audit work with directors or management and asking a range of questions to understand the company,
examining the financial and accounting records along with other documents and assets such as plant and equipment
verifying balances, for example asking a debtor to confirm the amount of debt with the company
testing of the internal controls within the company
observation of certain processes being performed

Factsheets

We have a wealth of useful business, tax and financial information in our Information Hub – contact us for help and advice specific to your circumstances.

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