Simpson Wood is registered with ICAEW to perform statutory audit work. We have a highly experienced team who deal with a variety of industries and sectors.

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.