Audit

We offer a range of assurance services that can be tailored to suit your business needs and we will work with you to determine the appropriate level of assurance on your financial statements that is required without putting an undue strain on your time and other resources.

Where not subject to a statutory audit but the shareholders, providers of finance or other users of the accounts require some additional level of assurance an assurance review engagement is likely to be more cost-effective and better suited to your needs.

Corporate Governance is the Boards’ oversight of the control environment of a company.

What constitutes ‘good’ Corporate Governance can seem complex and a bit of a moving target. We can help to simplify such complexities and work with you to alleviate volatility and vulnerability.

We assess the effectiveness of your current procedures, whilst helping you to plan for the future. This means acting against potential risks as well as plans to capitalise upon new opportunities.

If your firm falls in to one of the following categories, you must appoint an auditor:

• an authorised professional firm
• a BIPRU investment firm
• an insurance intermediary
• an investment management firm
• a mortgage administrator
• a mortgage intermediary
• a mortgage lender
• a personal investment firm
• a securities and futures firm
• a service company

Being FCA regulated is a serious business and it is important that you appoint a firm with sufficient expertise. Not only do we have a long history of working with UK and International FCA registered businesses but we ourselves are FCA registered so we understand the requirements from both sides of the fence.

Our Technical Audit and Accounting departments have extensive experience in successfully helping clients in the application of new accountings standards and financial reporting frameworks.

The introduction of FRS 101 Reduced Disclosure Framework and FRS 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland have, in particular, created fundamental changes in the accounting environment.

We can assist you in this constantly changing environment to understand and interpret the new standards, providing guidance on the method application that is best for your business.

If your limited company does not qualify as ‘small’ then you will require an audit. To be classed as small, a company must meet two of the following three criteria:

• Turnover less than £10.2m
• Gross assets less than £5.1m
• Fewer than 50 employees.

So whether a statutory requirement or a desire to create confidence in your accounts, a Financial Statement Audit enhances credibility in your company’s financial position providing reassurance to stakeholders such as shareholders, banks and suppliers.

At Shaw Gibbs we tailor our audits, and the audit team, to the specific requirements of your business. We make sure we understand where you want your business to be in the future and the audit process is designed to be a driver of value and trust within your company.

We know the best way to achieve this is through consistent communication and the prioritising of great service.

Has your business received funding from innovate UK? If so you may need an audit to support your grant claims.

Innovate UK is the name of the technology strategy board , a government body which provides funding for the development of innovative products processes and services.

Shaw Gibbs can deliver an efficient grant audit based on our experience of the process. We are familiar with the standardised paperwork and processes agreed between Innovate UK and the accountancy profession. This specifies the extent of the work required to support the claims as they are made. We can talk you through the process and help you avoid some of the pitfalls which can cause problems. We can advise on the relationship between grant funding and the research and development tax relief programmes.

If your income is between £250k and £1m then you will require an Independent Examination carried out by a firm of registered auditors. If you have an income of over £1 million then you will require a statutory audit and our Oxford office has a specialism of working with not-for-profit and charitable entities.

The Charity and not-for-profit sector has distinctive needs and faces some specific risks - our Charity Team have the relevant experience and specialist knowledge in this area. In addition to providing accounting, audit and assurance services we frequently provide advice and guidance relating to the day-to-day challenges faced by our charity clients, such as:

• Governance and internal control procedures
• Restricted and unrestricted funding
• Contract audit and certification
• Trading and taxation, including VAT and Gift Aid
• Accounting systems and software packages.
• Payroll processing and PAYE advice

Emerging issues from the Charities Commission

Under the rules of the Solicitors Regulation Authority, all solicitors who deal with client money must submit an accounts report annually which must be prepared and signed by a registered auditor.

Due to our extensive experience working with solicitors, we understand the complications that arise in the Solicitors Accounts Rules (SRAs). We know there are risks that may occur in adhering to SRAs and look to alleviate them, whilst working to improve your internal processes.

To guarantee an audit truly tailored to your needs, we select our team based on their experience and understanding of your business and your industry.