Audit and Assurance
Delivering confidence with your audit
Whether you’re meeting a statutory requirement, or looking for assurance, MHA Carpenter Box recognises the need to add value to your organisation. We believe that we can deliver real benefits out of the annual audit, beyond your compliance needs. Our approach is to make the audit process a positive one for your business – we identify potential risks, recommend opportunities for growth and help improve business performance.
We see the preparation of your annual report as an opportunity to enhance your external image. A well-prepared report can have a considerable positive impact on the perceptions of investors, potential finance sources, customers, potential clients, referral sources and even your own staff – all of which greatly improves your business prospects for the future.
As registered auditors, we have extensive experience in providing audits for organisations of all sizes, and in all sectors. Our specialist advisers can help you with the management and corporate governance that your business needs.
With our Partner-lead service, we look to build strong relationships with our clients and take a collaborative approach. This enables us to develop a thorough understanding of your needs and plans for the future.
Our philosophy is to fully understand our clients and provide a first-class service to fit their specific needs. Your audit will not be the same year on year – we focus on key risk areas and will tailor your audit to reflect current issues or priorities.
Our sector-based approach also means that we look beyond the numbers to truly understand the challenges your business faces.
We act for clients reporting in both Generally Accepted Accounting Practice in the UK (GAAP) and International Financial Reporting Standards (IFRS).
Use of data analytics
Since 2017 we have partnered with Inflo, an industry leader and cloud based provider of data analytics software, to enhance our audit service. Inflo offers a secure portal for the transfer of documents between our audit teams and our clients, whilst its data analytics use algorithms to identify errors and unusual transactions across the full nominal ledger, enabling us to better focus some of our audit testing on riskier areas and transactions. Many of its tools can also be made available to you, to allow you to interrogate your own data in greater detail.
Along with the secure portal for the transfer of documents and schedules, the system also provides a job management portal allowing you to monitor the progress of the audit and any outstanding queries on the assignment.
Inflo assists in the smooth running of the audit process and provides added value to clients by both identifying business risks and providing enhanced information from the data it analyses.
Statutory and voluntary audits
A company requires an annual audit if they fulfil at least two of the following criteria:
- Turnover exceeds £10.2 million
- Gross assets exceed £5.1 million
- Business employs more than 50 staff
Our audit solution entails:
- Planning work based on our discussions with you, our knowledge of the business, its activities and environment, and our experience of the sector
- Agreeing the audit plan to meet your requirements, set the timescale and key dates
- Carrying out an independent review of your business and advise you on systems and controls
- Ensuring that your financial statements are compliant and well-presented
- Utilising the latest technology in auditing and accounts production software
- Providing you with a comprehensive management letter, which summarises the audit result
- Meeting with you to discuss the audit and highlight the risks and opportunities that our process has identified
Our technical experts have a wealth of experience in a wide variety of accounting, financial reporting and narrative reporting matters. And with our sector-focus, we’re experienced in working with organisations in a wide range of industries, including both companies and groups.
We have a proven track record in helping our clients to successfully apply new accounting and financial reporting standards. We have also supported our clients on other numerous technical projects, including GAAP conversions, accounting for group reconstructions and consolidation support.
Can you demonstrate your business has the right safeguards and controls in place in case something goes wrong? Would you like the reassurance of knowing that your accounts have the credibility to withstand an additional level of analysis? Even with the recent regulatory changes to audit thresholds, many companies have continued to undergo an external examination. This provides additional reassurance not only for the financial results for the year but the underlying accounting system and controls.
Whether you are looking to outsource your internal audit function completely or need to build on the skills of your current internal auditors, our specialist team can help. We start by assessing your audit needs, taking into account the nature, size and complexity of your business. From there, we tailor our services and develop a strategy to suit your needs. We won’t abandon you once it’s up and running; we will continually assess, monitor and benchmark against other best practice approaches and suggest ongoing improvements.
Assisting with corporate governance requirements
Corporate governance, the system of rules, practices and processes a company must follow, is no longer the preserve of listed companies. Organisations seeking investment must demonstrate strong governance structures and be able to inspire confidence in potential funders.
Our specialist team can help board directors to understand their responsibilities, such as setting a company’s strategic aims and supervising the management of a business. We offer a range of services to help your business comply with regulatory requirements and to deliver a best practice approach. This includes a risk-based approach to compliance is in place and regularly reviewed.