Audit & Assurance

Our Audit & Assurance services promote business transparency, the accuracy of financial information and encourage good corporate governance. Our detailed understanding of your business, effective communication to help minimise disruption, and risk-based assessment of the business can identify weaknesses in your systems on which recommendations can be proposed to prevent fraud and error. These provide the comfort your stakeholders need to make the right decisions. We provide the full range of Audit and Assurance services including Statutory Audits, SRA Audits, specialist audits, assurance reviews, procedural audits, internal controls assurance reviews and more.

A company's accounts need to be filed nine months after the year-end, which is when the audit process starts. However, not all businesses or organisations require a statutory audit. Small companies are usually exempt unless they are charities (they must follow the specific guidelines of the sector) or members of a wider group. Certain companies such as banks or investment firms, insurance companies, public companies and brokerage firms, regardless of their size, require a statutory audit.

Statutory audit requirements

• Turnover greater than £10.2m.
• The balance sheet total should be greater than £5.1m.
• The average number of employees should be greater than 50.

It's important to note that even if you do not meet the criteria listed above and are exempt from carrying out an audit, there still may be cases when a statutory audit is required. For example: If a lender or grant provider or a shareholder requests one. There are other exemptions to when an audit applies, so check with a qualified accountant with auditing experience. Even if you are exempt, there are benefits to commissioning an audit.

You may consider having an audit if you want to:

• To build confidence in your financial statements
• To achieve the maximum sale price if you are planning to sell your business

An audit is an extremely comprehensive process that involves performing procedures on the numbers disclosed in the financial statement. These procedures involve testing a sample of transactions and balances and identifying material misstatements. The scope and scale of the auditing process depend on the nature of the company, its size, structural and organisational complexity, and many other parameters. As well as meeting your statutory reporting obligations, DSK’s audit services are the proactive way to reduce disruption, reduce risk, improve organizational performance and drive forward your business strategy.