An independent and impartial evaluation of your business’s financial statements and internal controls can be invaluable.
External audits help stakeholders, including prospective buyers, investors, creditors, referral partners, regulators, as well as your employees, trust and feel fully confident in the accuracy and reliability of your financial reporting.
But as insightful and effective as an audit can be, there’s no denying that audits can be arduous and time-consuming. No business wants to unnecessarily sacrifice days or weeks of valuable time, so it truly pays to have a no-nonsense audit team on your side.
What do the best audit services provide?
Not all auditors offer the same quality of reporting and customer service.
A comprehensive financial audit service will provide in-depth insight into your business financials, but that’s really the bare minimum businesses should expect.
An experienced auditing team will craft reporting that reveals and explains information relevant to your business, market, risks and opportunities, developing tailored solutions to help you chart and modify your practices according to your business’s trajectory, as well as keep it compliant.
We know there are some auditors out there who expect a client’s finance department to drop everything to fill the needs of their audit team.
But as I’m sure you’re well aware, finance folks have a non-stop flow of work to look after. The very last thing your finance team want is to have long periods of time blocked out of their schedule – especially if those meetings turn out to be long-winded or meandering.
It takes an experienced audit team that’s both focused and considerate to deliver a hassle-free audit. At Champion, we acknowledge that audits can place undue burden on busy finance teams, which is why we ask pertinent questions and keep our meetings on-task and effectual.
It’s also important that the audit team you choose are flexible and able to work around your scheduling needs. Because Champion operates a four-day week, our team can accommodate a longer working day, or can adjust their hours to 9 to 5, five days a week. Essentially, we can mirror the working hours of your finance team.
An effective (and painless) audit process
From beginning to end, we want our audit process to be the very best option for businesses of all sizes, from SMEs to transnational corporations.
The process begins with an in-depth exploration of your business, after which a detailed Audit Planning Memorandum (APM) will be created.
It’s a bit like setting out a travel itinerary before departing on a city break. Sure, you could wander around your destination without a plan, but by deciding in advance what you want to see and do, you’re more likely to get the most out of your holiday.
The APM likewise sets out Champion’s proposed approach step-by-step, highlighting any unique aspects of your case that may need addressing and summarising your pertinent financial and auditing news and sector requirements.
Communication is key to a successful audit, so your APM may be shared with senior management and the board, so that every opportunity to input and comment is provided.
Thorough reporting, valuable insights
At Champion, we manage audits professionally, painlessly, to deadline, and on budget. We implement a tailored, risk-based audit approach. Our thorough analysis ensures that reported results are logical and free from material misstatements. Our experts will identify, evaluate, and test key systems and controls, providing a comprehensive understanding and insightful review of your business processes.
We encapsulate our findings in our written Audit Summary Memorandum (ASM), which also offers best practice observations and recommendations on risk management, control, and governance processes, alongside our management letter points. This document is presented to senior management and shared with the board to facilitate discussion on our audit findings and conclusions.
The very best audit partners are those who stay by your side throughout the year. In addition to regular communication through newsletters at the frequency of your choosing, we’ll keep you informed of regulatory issues and requirements as they arise, assisting you in planning ahead for the next year-end.
If you’d like to speak with us about your audit needs, visit our dedicated audit page: www.championgroup.co.uk/services/compliance/audit/
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