I’m a sole trader – do I need an accountant?
16 Sep 2022
Top tips on how to successfully apply for a business loan
20 May 2022
Unexpected beginnings and unbridled futures: audit as a stepping stone
29 Mar 2022
Mapping the landscape of UK inward investment in 2021
26 Aug 2021
How to become authorised and regulated by the Financial Conduct Authority (FCA) in the UK
01 Jul 2021
An audit involves independent accountants delving into the core of your company. Auditors are required to give an opinion on the financial statements, but they can also add value to your company too.
In this article, partner, Carl Lundberg, and Audit Assistant Manager, Lucy Norton, discuss how at GE we go that extra mile.
At Gerald Edelman, each of our audits is directed by a “Senior Statutory Auditor” who leads the audit team on each assignment. It is important that the team really understand your company; by involving your key staff in discussions to help us understand your business, clients, future plans, and areas of weakness. This will allow us to build strong relationships between our audit team and your staff on all levels, to ensure we can provide you with valuable advice to help your business.
Through the audit process, the audit team will develop a detailed understanding of your company as your auditor. We are able to utilise our knowledge and extensive research tools to benchmark current performance and identify potential areas for improvement.
Communication is key
Developing a strong foundation with our clients is key to how we operate. By understanding your business from the outset, we can ensure we are set up to guide you through the audit process and tailor our testing around your systems.
Clear communication channels throughout the audit helps to make your life easier, as we manage expectations and guide you through what to expect at each stage of the process. This also allows us to be transparent throughout the audit so there are no surprises at the end. We ensure we agree suitable timescales ahead of the audit and clearly communicate audit progress so that any potential issues are discussed as they arise, to avoid unexpected delays.
Whilst the audit takes place annually, we remain on hand throughout the year if you need someone to turn to that really knows and understands your business.
Increasing regulation and compliance
Compliance is never the most exciting topic, but in this context, it is hugely important.
Poor compliance can always pose a significant risk to the future of your business. It can be hugely time-consuming to understand changes in regulation, and how they may relate directly to your business and its day-to-day activities. As your auditors, we are required to be aware of all relevant updates and can flag these well ahead of planned changes. If further guidance and assistance are required, we can put you in touch with more specialised individuals who can provide that additional support.
Confidence to management and shareholders
Seeking external independent scrutiny should provide management and shareholders with the assurance that the information in the financial statements is accurate. This ensures that any operational decisions made to improve your business in the future, are made on reliable data.
In addition to this, we carry out detailed reviews as part of the audit process. This looks at the key systems and controls to identify any potential areas of weakness, such as your response to the threat of fraud. As we have a solid understanding of how your business operates, this enables us to make relevant and appropriate recommendations on ways to help improve these processes going forward. This can lead to both potential efficiency gains and a stronger control environment.
Audits at Gerald Edelman are carried out by a dedicated and personable audit team, who can help meet your business needs now and throughout the future.
If you're looking for a new auditor, read our post on the four factors you should consider before appointing a firm. Or, you can learn more about our Audit and Assurance services and contact a member of the team.Back to top