There’s more to an audit than just ticking boxes. By making sure that your business is fully compliant, we future-proof your company and improve its value.
Our team of experts is passionate about safeguarding your business, and understands the challenges you and your company face in these changing times. That’s why we get to know you and your goals right from the start, striking the balance between staying legal and compliant and providing you with an effective, actionable service.
When do you need an audit?
Your business is required to complete a statutory audit under the following circumstances:
- If you are a company with a turnover of more than £10.2m and gross assets in excess of £5.1m
- If you are the subsidiary of an overseas company
- If you are a charity with an income of over £500,000
- If you have other regulatory reporting requirements e.g. Solicitors or Grant applications
You may wish to complete a voluntary audit to meet the requests of lenders and external shareholders, and to meet the requirements of your supply chain.
A good audit history adds value to a company, which is ideal if you intend to sell the business at a later date. We work closely with our internal corporate finance team where due diligence services are required, and can provide advice and guidance if a disposal is your next step.
Over 100 of our clients require a statutory audit, or have requested to continue having regular audits despite a rise in the thresholds in 2016, making us one of the strongest audit firms in Gloucestershire.
Our audit process
Our dedicated audit team immediately get to grips with your company so we can tailor our approach to work with you effectively and efficiently, while ensuring that your staff can continue working throughout the process.
We utilise the most up-to-date software to complete a paperless audit, and ensure that we remain compliant while we address the inherent audit risks associated with your company and sector.
All of our findings are recorded in a single document, presented at board level, and we work through any findings with you in a collaborative, helpful manner.
By working with Randall & Payne, you will have the reassurance of knowing that you are dealing with registered auditors, whose audit work must comply with the professional standards of the Auditing Standards Board, the Financial Reporting Council and the Institute of Chartered Accountants in England and Wales.
Sectors we can help with
Although our team works with businesses from a wide range of sectors, we have vast experience in the not-for-profit and education sectors. We work with a number of registered charities and academies, and our reports provide trustees with useful insights into potential risks within a charity.
We can also undertake grant audits to substantiate funding grants, making sure that the grant has been spent correctly and within the remit of the grant being awarded.
Our specialist team can also complete a range of other specialist audits:
- Pension scheme audit
- Not for profit
You can view details of our audit registration at auditregister.org.uk, under the firm reference number C002244548.
Russ is our Head of Audit and Assurance, and has worked with businesses from every sector imaginable, from retail and hospitality to manufacturing and engineering. As a member of the ICAEW’s Audit Registration Committee, he oversees the professional standards of auditing across the country.Find out more