A process built on trust
Our team contains expertise across a broad variety of industries and sectors, and at the outset of any audit process we equip ourselves with an in-depth understanding of your business and its operational context, which we then utilise to provide an effective and cost-efficient audit process.
We are immensely proud of our high staff retention rates, which enable us to provide continuity of service and a true understanding of our clients’ businesses. These close, long-standing working relationships with our clients are built on trust, and on years of successful audit work carried out with minimal disruption.
Ensuring that we stay abreast of the latest regulatory standards at all times, we deliver detailed, high-quality audits in which regulatory and disclosure requirements are met in a timely manner and with practical advice for the future.
What is an audit?
An audit can be a complex technical process, taking anything from a few days for smaller businesses, to a few weeks medium-sized and large firms. We strive to make the process as simple as possible for our clients, and provide maximum value from an audit we carry out.
An audit can be a complex technical process, taking anything from a few days for smaller businesses, to a few weeks medium-sized and large firms. We strive to make the process as simple as possible for our clients, and provide maximum value from any audit we carry out.
The object of any audit is to form an opinion as to whether a company’s accounts give a true and fair view.
Under Auditing Standards, we are required to plan our work by familiarising ourselves with the business, its structure, history and performance, and by gaining a detailed view of the industry in which it operates.
We are required to analytically review the accounts of any company we are auditing, to highlight those areas that are subject to higher audit risk and to which greater audit effort should be devoted.
We carry out system testing, which yields results that inform the amount of testing required on individual transactions and balances within the accounts being audited.
Finally, we draw all of our work together and form an opinion as to whether the accounts are true and fair according to the relevant financial reporting framework.
We also check whether all of the disclosures required by law have been made, and provide a report on any weakness that we find in the structure or operation of systems during the course of the audit.
Detail and transparency
Auditors are not required, and are not able, to test every single transaction that a company has entered into, or provide a guarantee that the accounts are 100 per cent accurate. The cost of doing so would be prohibitive.
However, our experience informs our judgement, and we ensure every audit we carry out provides a transparent review of accounting practices and financial statements, and our clients are provided with a clear view of their company’s financial health and areas where improvement is possible.
Contact us below if you would like to hear more about the benefits of audits with Simpson Wood.
More from Audit and Accountancy
Audit and Accountancy are central to the services Simpson Wood provides.
We provide a complete range of Audit and Accountancy services to business of all sizes and structures covering a wide range of sectors.
For more information please click on the relevant service below.
Here at Longwood Engineering we cannot thank Simpson Wood enough for their invaluable support during our management buyout. From the outset, their team demonstrated exceptional professionalism, expertise, and dedication, guiding us through every financial and strategic aspect of the process.
Thanks to Simpson Wood, we were able to secure a strong financial foundation for the future of our business and our personal situations. We highly recommend their services to anyone navigating complex financial transactions.
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