Audit Support and Guidance

PKPI

No business enjoys their annual audit. But our team at PKPI can confidently put your worries at rest and work to help make the process a positive and beneficial business exercise.

Audit is a procedure carried out by an independent party to assess the accounts and records of an organisation to ensure they have been properly maintained and comply with established concepts, principles, accounting standards, legal requirements and give a true and fair view of the financial state of the organisation’s affairs on the accounts date. An audit may be necessary for compliance requirements, to provide assurance to investors or to review processes and controls. Legally, companies must exceed at least two of the following criteria in order for them to be required to have an external audit carried out:

An annual turnover of more than £10.2 million
Assets worth more than £5.1 million
More than 50 employees on average
There are many benefits to an annual audit, such as improving systems and processes or raising risk awareness, as well as satisfying third party requirements. An audit will allow us to identify any problems or opportunities with you and then devise a plan of action to ensure your business is improving.

FAQs

1. How often should a company undergo auditing.

The frequency of audits may vary based on industry standards, regulatory requirements, and business size. Annual audits are common, but certain industries might need more frequent assessments.

2. What's the difference between internal and external audits.

Internal audits are conducted by the company’s own staff to evaluate internal controls and operations. external audit if they meet any two of the following criteria: Their turnover is more than £10.2 million. They have assets totaling in excess of £5.1 million. They employ more than 50 people.

3. How long does an audit process take.

The duration varies based on the complexity and scope of the audit. It can range from a few weeks to several months for in-depth assessments.

4.Do all UK companies need to be audited.

The majority of standard private limited companies (i.e. those having their own legal entity) are subject to an external audit if they meet any two of the following criteria: Their turnover is more than £10.2 million. They have assets totaling in excess of £5.1 million. They employ more than 50 people.