Audit Alternatives

In many instances businesses are not required to have a full statutory audit. However, there are alternatives that can provide significant benefits for management without having to incur the full cost of a statutory audit. Such benefits can include:

• Providing added comfort on internal controls, and systems for management and/or business owners
• Providing added comfort to external investors and or lending institutions
• Given some assurance as to the accuracy of the financial information being produced.

These alternatives could include:

  – Assurance review engagement – An “assurance review” is a formal review of the entity’s financial statements that is undertaken in accordance with guidance from the  ICAEW.  It is usually completed by an independent accountant, often resulting in a formal assurance report being provided.

– Specific assignment review – In some instances it is beneficial for management to have certain aspects of their business reviewed and tested. In this instance we would agree specific procedures and reporting with management based on the requirements in question. On concluding our work we would present the report to management as required. Often with an engagement of this nature, the purpose is simply to present a factual report, on which management can then draw their own conclusions.

Providing assurance to management and shareholders is a great way of communicating and providing comfort about a businesses financial affairs and will continue to do so into the future. We can assist with all these needs to ensure you are getting the right type of advice and assurance.

Please contact us for further information.