Audits
It's a requirement for limited companies to undertake a statutory audit!
The requirement for limited companies to undertake a statutory audit in accordance with the Companies Act legislation has reduced over the years as successive minimum threshold limits have increased.
This has resulted in many firms of accountants dropping their audit authorisation altogether. Newer, less experienced practitioners, may not be able to obtain authorisation at all, as minimum technical and experience levels are required.
We are authorised by the Institute of Chartered Accountants in England & Wales. This authorisation requires us to undertake regular Quality Assurance visits to ensure we maintain high professional standards.
Our main work in this field are full statutory audit services of limited companies and charitable organisations. We can also undertake slightly less onerous Independent Examinations, if required and if the entity qualifies for this lighter touch.
This is one area of our work where, unfortunately, we are unable to offer a fixed price service as to do so is considered to restrict our impartiality. We can however, provide an assessment of cost before agreeing to any audit services.
We provide audit services from our offices in Bath, Midsomer Norton, and Warminster, covering clients across Somerset, Wiltshire, and the surrounding area.
Based near Warminster? Our accountants in Warminster can handle this for you from our Market Place office.
We're here to help!
Feel free to get in touch with us any time.
An audit story
Well actually it is an independent examination story of a charitable company. We were approached to carry out an independent examination of the charity's accounts as the previous accountant was retiring. when we took over we found that the previous accounts presented to both Companies House and the Charities Commission were less than fully compliant. We discussed with the board and with the Chair specifically the additional reporting requirements needed. At first there was some reluctance to change but in light of the future plans for the charity it was agreed we should amend the accounts to be fully compliant. The charity has now adopted the fully compliant accounts and we have even assisted them in adopting new accounting software.
Frequently asked questions on Audits
What is an audit, and why is it important for my business?
An audit is an independent examination of your financial records to ensure accuracy and compliance with regulations. It’s important because it boosts financial credibility, helps identify areas of improvement, and provides assurance to stakeholders about your company's financial health.
What are the main types of audits offered by PG Owen?
PG Owen offers statutory audits, internal audits, compliance audits, and bespoke audits tailored to your business’s specific needs. Each type ensures different aspects of your finances and processes are reviewed effectively.
Does my business need an audit, and if so, how often?
Whether your business needs an audit depends on factors like size, industry, and legal requirements. Generally, companies meeting specific turnover or employee thresholds are required to undergo annual audits. PG Owen can help assess your requirements.
What industries do you specialise in for audit services?
We specialise in auditing a wide range of industries, including finance, retail, healthcare, technology, and non-profits. Our experts understand the unique challenges each sector faces.
How can PG Owen streamline the audit process for my business?
PG Owen leverages advanced tools and a team of experienced auditors to minimize disruption, ensure compliance, and provide actionable insights swiftly and efficiently.
What should I prepare before an audit begins?
Before an audit, organize key documents like financial statements, tax records, payroll data, and contracts. Our team will provide a detailed checklist to help you prepare and avoid delays.
How long does the audit process take?
The duration depends on your business's complexity and the audit type. On average, audits take 2-4 weeks. PG Owen ensures timely and accurate delivery to meet your deadlines.
What are the benefits of working with PG Owen for audits?
Partnering with PG Owen ensures compliance, risk mitigation, tailored insights, and an experienced team dedicated to supporting your business growth.
How does an audit help with regulatory compliance?
An audit identifies any areas where your business may not comply with current regulations, helping you address issues before they escalate. PG Owen ensures your business stays on track with the latest legal standards.
Can audits improve my company’s financial performance?
Yes, audits provide a clear view of your financial health, helping you identify inefficiencies, save costs, and make informed decisions to improve overall performance.