Audit
As registered auditors, MFW have an experienced team who audit various different types of entities and sectors, from small businesses to larger groups.
We are continually investing in our audit staff training and the procedures we perform, including the use of updated technology, in order to bring the highest level of professional competence and efficiency to every engagement we undertake.
As with all our services, we pride ourselves on being able to offer an adaptable audit process, tailored to your specific needs, whilst ensuring that any relevant regulatory requirements are met.
We appreciate the need for those charged with governance to have confidence in the audit process and to feel supported, with positive outcomes being achieved as a result of the process.
Audit and assurance services provide our clients with comfort and confidence in various areas of their business and deliver invaluable insight into where internal controls or systems may have weaknesses, are not operating in accordance with the entity’s procedures or could simply be improved.
We strive to deliver value from the audit process, affording our clients an opportunity to not only meet their regulatory obligations, but to utilise the process to improve operational performance, advance the quality of both financial and non-financial information to management and stakeholders, and to better manage any financial risks to which they are exposed.
External Statutory Audit
Statutory audits are those which are required under the Companies Act 2006, where the definition of ‘Statutory Auditor’ has been established. Entities governed by the Companies Act which do not meet the criteria for audit exemption for any given accounting period must have a statutory audit in order to have compliant accounts for that respective period. It is important to have consideration of, and potentially advise in respect of, the audit exemption thresholds to ensure that those charged with governance are meeting their statutory duties.
External Non-Statutory Audit
Non-statutory audits are those which are conducted in accordance with Auditing Standards but are not required under the Companies Act. Examples of these are charities or other not-for-profit entities which require an audit in accordance with the Charities Act or the Co-operative and Community Benefit Societies Act. Some pension schemes are also required to have audits in accordance with the Pensions Act. Finally, sometimes an audit may not be required but is requested for some other purpose. Companies requiring significant borrowing may find that lenders are more receptive where accounts have been audited, and this may similarly give additional comfort to any potential acquirers or investors an entity may be looking to appeal to in the future.
Solicitors Accounts Rules (SAR) Audit
If your firm, or sole practice, is regulated by the Solicitors Regulation Authority (SRA) and does not qualify for exemption under the SRA Accounts Rules then you will require a Solicitors Accounts Rules (SAR) audit, another type of non-statutory audit, for each relevant accounting period.
Independent Examinations
If your charity has gross income of more than £25,000 but less than £1million and isn’t required to have an audit by its governing document, the terms set by a funder or by the Charity Commission, then the Trustees may be able to elect to have an independent examination of the charity’s accounts instead of an audit, saving on compliance costs and maximising the amount of funds available to support its charitable objectives.
Internal Audit
Internal audit functions provide organisations with valuable insight into their own policies, procedures, internal controls and compliance with applicable laws and regulations. Internal audit services are often utilised by organisations in highly regulated sectors such as charities and academy trusts, where the protection of public money is pivotal to their reputation and delivery of their objects. Internal audit services positively contribute towards the effective oversight of management and those charged with governance and accordingly are often utilised by larger organisations or where activities undertaken lead to a degree of separation between the operations of the entity and those wishing to gain comfort that those operations are being performed in accordance with their expectations.
Other Assurance
Other assurance services arise when an individual or group of individuals want to take comfort over the accuracy or legitimacy of information prepared by another party. This may involve a shareholder of a company wanting confidence over the accounts, or certain transactions within their financials or an independent review of the creditability of documentation such as contractual agreements with suppliers or lenders.
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