Auditing

The Companies Act 2006 outlines the criteria for businesses that must undergo an audit, establishing specific thresholds to determine audit exemptions. A company may qualify for an audit exemption if it meets at least 2 of the following criteria: An annual turnover of no more than £15 million, assets worth no more than £7.5 million, or an average of no more than 50 employees.

Additionally, certain types of businesses are ineligible for audit exemptions regardless of their size or turnover. This includes public limited companies (PLCs), subsidiaries of PLCs, financial services firms such as banks and insurance companies, as well as charities and non-profit organisations that meet specific size requirements.

Conducting an audit ensures that your business maintains accurate and up-to-date records. We perform your auditing and financial analysis efficiently and precisely, minimising disruption.

In addition to providing peace of mind that your accounts comply with statutory requirements, we can identify strengths and weaknesses in your finances and recommend improvement strategies.

The audit or independent examination of charities are governed by Charity Commission regulations. If your charity has an income of more than £25,000 then your accounts will require an independent examination.

If your charity has income of more than £1 million then your accounts must be audited by statutory auditor. Also, if your charity has income of more than £250,000 and your total assets are more than £3.26 million then your accounts must be audited by statutory auditor. Be it an independent examination or full audit, we at G. George Associates can offer both services.

For any charity, managing the financial complexities of your mission can feel like a balancing act. Responsible stewardship of funds, compliance with regulatory requirements, and fulfilling stakeholder expectations depend on a solid foundation of precise and insightful financial guidance from experienced charity auditors.

Our team of experienced auditors specialises in working with charities and not-for-profit organisations, schools, and academies. We view each audit visit as a valuable opportunity to assess your current position and identify how we can support you in achieving your goals.

By understanding your unique challenges and objectives, we tailor our approach to provide the insights and guidance you need to enhance your financial management and operations. Our commitment to serving the charitable sector ensures you receive expert advice and support tailored to your needs.

Any solicitors or law firms that are based in England and Wales and hold client money as part of their service are required to undergo an Solicitors Regulation Authority (SRA) client money audit.

Due to additional regulatory requirements, solicitors face unique challenges when preparing their financial statements. To address these complexities, we have assembled a team of experts dedicated to meeting the specific needs of law firms from both tax and regulatory perspectives.

The Solicitors Regulation Authority (SRA) monitors compliance with the Solicitors’ Accounts Rules 2019, and we possess in-depth knowledge of these regulations. We provide guidance on their application tailored to each firm, ensuring you receive the most current advice as these rules are frequently updated.

Our audit approach is designed to be efficient, minimising disruption to your firm’s operations. As registered auditors, we prepare and submit the required accountants’ report to the SRA, which must be filed within six months of your year-end. We can conduct the necessary work.