Here at Mark Evans and Co, we are registered auditors in Hull but can travel nationally for audit jobs. With our expertise, experience and qualifications, we offer our clients a very competitive price for audit work.

We fully understand and appreciate that audits can be a stressful, time consuming and stringent process for business owners but we believe, as a company, we can add real value to the process without taking up extra time.

Not only do our audits give you a credibility statement as to the reliability and quality of your financial statements. We also offer an independent and objective opinion, carried out on a test basis, to provide reasonable assurance that they are free from material mis-statement.

Please don’t hesitate to get in touch today to see what we, as registered auditors in Hull, can offer your company. Give our friendly staff a call on 01482447922 to discuss further or book in for a free consultation by clicking here.

What is an audit?

Financial auditing is the process of examining an organization’s (or individual’s) financial records to determine if they are accurate and in accordance with any applicable rules (including accepted accounting standards), regulations, and laws.

Do I need an audit?

A company must have an audit if at any time in the financial year it’s been:

• a public company (unless it’s dormant)
• a subsidiary company (unless it qualifies for an exception)
• an authorised insurance company or carrying out insurance market activity
• involved in banking or issuing e-money
• a Markets in Financial Instruments Directive (MiFID) investment firm or an Undertakings for Collective Investment in Transferable Securities (UCITS) management company
• a corporate body and its shares have been traded on a regulated market

In addition to the above, a company must also have an audit if it meets 2 of the three following criteria for 2 years in a row:

• an annual turnover more than £10.2 million
• assets worth more than £5.1 million
• 50 or more employees on average

What are the benefits of having an audit?

We, as a business have seen companies that have chosen to have an annual audit even if they are exempt from having one by law. There are several reasons why they would make this choice such as:

• Giving shareholders and directors peace of mind that the financial statements are free from material error and give a true and fair view
• Identifying internal accounting system weaknesses and recommend practical ways to improve
• Providing assurance to potential investors regarding the financial performance
• Assisting with complicated transactions and ensuring they are accounted for and disclosed correctly
• Highlighting upcoming changes in company law, accounting standards and tax legislation and ensuring our clients are prepared
• Providing greater credibility to banks, customers, suppliers and HMRC
• An audit can be a requirement for banks when applying for a loan and will improve the chance of raising finance
• For customers and suppliers an audit improves trust for both parties and provides greater assurance over business processes and working capital
• An audit reduces the chance of an HMRC inspection (although making claims still increases the probability of there being an inspection) and increases the reliability of corporation tax returns
• Improving the credit rating of the business.

If you feel any of the above can be of benefit to your business or if you have to have an audit by law, then please give our friendly, knowledgeable and approachable staff a call on 01482447922 or click here to book in for a free face to face consultation.