Audits and Assurance Reviews needn't be an unwanted intrusion, nor do they need to cost the entire annual profits of your business!
The prospect of an annual visit from "the auditors" has traditionally filled most organisations with dread. But it needn't be like that. In fact, NWN has a reputation for its thorough but personal approach to audits - whether mandatory or voluntary, financial or process-related. Most importantly, NWN audits are highly cost-effective and without the level of overheads of most large audit firms
Who needs an audit?
In most cases, financial audits are undertaken because they have to be by law but this isn't always the case. Your company may need an audit because:
- Turnover, number of employees and/or assets values are above statutory thresholds
- You are a pension fund
- A third party requires it - e.g. a bank or other lender, ABTA, The Charities Commission, FCA
- You need assurance of non-statutory aspects of your business - such as royalties for musicians and authors, or stock management and valuation for retailers or manufacturers
- Existing or potential customers and suppliers may need reassurance about the scale or financial stability of your business
What can NWN offer?
The general term 'audit' covers a wide range of activities. These can include 'reviews' which are more limited in their scope, usually require less evidence, but are not financial audits as defined by law. Whatever the level of audit you choose, NWN can provide:
- Close liaison with every client to optimise cost, process and timescales
- Full UK Audits that reflect your budget
- Group consolidations to single organisation audits
- Partial audits as part of wider activities by component auditors
- Assurance Reviews - a detailed set of statutory accounts, but not a full audit
- The role of internal auditors to monitor business and financial efficiency throughout the year
At NWN, we've undertaken audits for everything from UK holding companies with overseas subsidiaries and UK subsidiaries of overseas corporations, to pension funds, charities and even a foreign exchange trading platform. In every case, our clients have found their audit experience unexpectedly positive.