We believe an audit should be of the highest quality, delivered by people who are passionate about auditing and, above all, be valuable to all clients.
Key to our audit process is an absolute commitment to quality. Audit quality and excellent client service go hand in hand. This message is instilled in all the people in our audit business and is fundamental to our culture.
Our audit approach is founded on detailed risk assessments and corroborated analytical review which involves understanding what makes the client’s business tick, not just ticking the boxes. Key to the process is robust and considered planning, involving the client at all stages. Our audit approach has been computerised but remains a thinking rather than an automated process.
Audits don’t have to be onerous
Our approach assesses the size and complexity of the business before we begin auditing. The audit of an SME is likely to focus on the risks associated with size and evolving management structures rather than complex accounting issues. The audit of a large listed entity is likely to focus on areas of risk arising from diversity in operations and complex transactions, which raise more complex accounting issues.
We never rest on our laurels and have invested for a long time in our quality assurance and technical teams. The Quality Assurance Department (“QAD”) conducts rigorous reviews in all offices on an almost annual basis. Our audit technical team ensures that our staff and our processes are up to speed on all current regulation and standards.
Audit quality is not merely a function of technical competence but professional conduct too, particularly where the firm’s own financial interests might threaten to temper its objectivity. The insistence that ethical standards are paramount and certainly no less important than technical ones permeates the whole firm. ‘If something doesn’t seem right, it probably isn’t’.
To audit or not to audit?
Not all businesses need an audit but should auditors be avoided at all costs? If you are a growing business, or are considering a sale or flotation, an audit could help you ensure you have ‘all your ducks in a row’ in good time. In our experience companies that are audited tend to take a more professional approach to good governance including considerations of internal controls and use of external advisory boards which can be appealiing to investors.