Why
audit?
The current audit threshold is set at a turnover of £5.6
million per annum. Although many of our clients fall under
the £5.6 million exemption limit, we still provide audit
services to many such clients by virtue of their regulatory
or constitutional requirements (as is the case with Charities),
or due to the wishes of the shareholders under s249A Companies
Act 1985.
Companies House reports that 93% of the complaints it receives
about the credibility of accounts are in respect of companies
that have not had their accounts audited. At a time of tight
regulations regarding money laundering, the audit process
offers company owners and investors another layer of corporate
protection.
Linn Maggs Goldwin’s clients, especially those who choose
a voluntary audit, often get value-enhancing savings by commissioning
an audit, even when they do not legally require one. In addition
to the obvious need to find and highlight material fraud within
a company, other principal benefits include:
| 1. |
Identify
opportunities to minimise corporation tax liabilities |
| 2. |
Identify overpayments and savings on VAT |
| 3. |
Ensuring
the company is complying with its tax and regulatory
legal duties |
| 4. |
Financial
and business tips, e.g. ‘Sweeping’ –
advising on how to get the most from cash balances at
the client’s bank |
| 5. |
Identify areas of personal tax savings for directors
and shareholders. |
|
