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The UK government requires certain types of organisations (e.g. banks, insurance companies) to carry out statutory audits because those institutions are normally subject to additional and specific rules and regulations. The aim of statutory audits is to ensure that the organisations’ financial standing is true and accurate. This means that audits normally examine bookkeeping records, financial transactions and business bank accounts (including client monies) and other aspects of the business that are deemed relevant.
Statutory audits are usually performed by qualified accountants who are experienced in such areas and have knowledge of Generally Accepted Accounting Practices in the UK (UK GAAP) and other relevant standards such as FRS 100, 101 and 102. These rules and regulations are often replaced with new standards. Therefore, it’s important to stay up to date with such changes.
The penalties for non-compliance can be severe, and so it’s important that you seek advice from accounting experts who understand your business and its obligations in relation to regulations and taxes.
In addition to carrying our statutory audits, we can also review your past accounts, business structure, management controls, and financial reporting systems and processes. This kind of assessment can help you to identify areas for improvement so that your business becomes more efficient, robust and sustainable.
To find out more about statutory audits or our other assurance services that can be tailored to meet your specific needs, please contact one of our Partners.
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