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Finance & Tax

Audit & Assurance

Assurance is what makes a number believable to somebody who did not produce it. Most of it is the statutory audit: under the Companies Act 2017 most companies must have their annual financial statements audited by an auditor independent of whoever kept the books. The rest is everything a third party asks for outside that annual cycle, from an internal audit of a process that keeps going wrong to a certificate a bank will not release a facility without. We prepare the file, run the process, and produce the report.

Start a projectWhat’s included

Scope

What'sincluded

Everything below is in the standard engagement. Anything outside it is agreed in writing before the work starts, never after.

  • Audit-readiness review of your existing books before your statutory auditor sees them
  • Full schedule pack: fixed assets, receivables and payables ageing, provisions, related-party transactions
  • Coordination with your independent statutory auditor from planning through fieldwork and sign-off
  • Prepared-by-client (PBC) list management, so nothing is chased at the last minute
  • Internal audit of a cycle or a function, with findings ranked by exposure rather than merely listed
  • Agreed-upon procedures on a specific balance, process or period, reported factually with no opinion attached
  • Certificates and third-party reports for banks, donors and regulators, with the working papers behind them
  • Donor and grant audit preparation for not-for-profits, run against the funder’s own terms of reference
  • Introduction to an independent audit firm if you do not already have one

Who this is for

Built for three situations

  • Companies with a statutory audit requirement
  • Businesses raising debt or equity
  • Not-for-profits reporting to a donor

Process

How thisactually runs

  1. Scoping

    We agree what the engagement has to produce: a statutory audit file, an internal audit report, or a specific certificate for a named recipient. The three are prepared very differently.

  2. Readiness review

    We go through your books against what the auditor or the recipient will actually ask for, and flag what is missing while there is still time to fix it.

  3. Fieldwork

    Every supporting schedule built and the evidence gathered, and where a statutory audit is running we sit alongside your auditor answering queries same-day rather than letting them stack up.

  4. Report

    Management letter points closed out and the report or certificate delivered, in time for the filing or the decision it exists to support.

Deliverables

What you end up holding

  • Full audit schedule pack, with a PBC list tracked to completion
  • Written responses to every audit query raised
  • The signed independent audit report, where a statutory audit is the engagement
  • An internal audit report with findings ranked by exposure and an owner named against each
  • Certificates and agreed-upon procedures reports addressed to the third party that asked for them

What we need from you

Documents required

  • Trial balance and general ledger for the audit period
  • Bank statements and reconciliations for all accounts
  • Fixed asset register and supporting purchase documentation
  • Prior year audited financial statements, if any
  • Board resolutions and minutes for the period

Missing something? Tell us anyway. We can usually work around a gap, and it is better to know before we start.

Next step

Tell us your situation and we will scope it.

Talk to us about it

Scope, fee and dates confirmed in writing before anything starts.

Questions

AboutAudit & Assurance

  • Do you carry out the audit yourselves?

    For a statutory audit, no, and that is the point of the arrangement. The audit opinion has to come from an auditor who is independent of whoever prepared the books, so that nobody is marking their own work. We build the audit-ready file and run the process; your independent auditor signs the opinion. Internal audit, agreed-upon procedures and certificate work carry no such independence bar, and those we perform ourselves.

  • Does every company need an audit?

    Not every one. A private company whose paid-up capital does not exceed Rs 1 million falls outside the audit requirement. Above that it applies, and the size of the company decides who is allowed to sign: up to Rs 3 million of paid-up capital either a chartered accountant or a cost and management accountant may act, and once paid-up capital passes Rs 10 million it has to be a practising chartered accountant or a firm of them. Filing is a separate test again, with companies above Rs 7.5 million of share capital required to file their audited accounts with the registrar. Any company going to a bank, an investor or a tender is usually better off with a full statutory audit whichever bracket it sits in. We will tell you which one you are in before you spend anything.

  • We don't have an auditor yet. Can you help?

    Yes. We will introduce you to an independent firm qualified to sign for a company of your size, and get the file in order before you engage them, so the first thing they see is a prepared set of books rather than a shoebox of receipts.

  • What is the difference between internal audit and a statutory audit?

    A statutory audit is an annual legal requirement that ends in an opinion on your financial statements for the outside world to rely on. An internal audit is commissioned by you, looks at whichever cycle you are actually worried about, and ends in findings and fixes for the inside. One is compliance and the other is management information, and a company can genuinely need both in the same year.

  • What if last year's audit found problems?

    We read the prior management letter and prior year queries first, and build this year's schedules specifically to close them out, rather than repeating the same fire drill twelve months later.

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