Audit and Assurance Services

The main reason a company requires an audit is because they exceed thresholds set by the UK government. These are based on: turnover of the company (or group of companies), total assets and average number of persons employed. Further details can be found on the gov website: Audit exemption for private limited companies - GOV.UK (www.gov.uk) . A company might also require an audit for various other reasons including due to ownership structure, request by shareholders, articles of association requirements or banking covenants.

Each audit is tailored to that client’s needs; our quote may include accounts preparation services as well as corporation tax compliance services but could also be stand-alone audit of already prepared financial statements and tax returns if required. Our audits seek to address compliance but also add value. We’ll consider the risk areas of the individual business dependent on daily operations, group/ownership structure, sector and many other factors before tailoring our audit testing towards the relevant perceived risks. A findings report is produced alongside our audit report which may give recommendations on processes and controls, highlight errors identified and other key matters for discussion.

An audit could identify control weaknesses or fraud risks which could result in potential cost savings. An audit doesn’t seek to find all instances of fraud but confirm that the accounts present a true and fair view of the business. We may also make recommendations for cost saving practices and indirectly the oversight of auditors can sharpen the eye of internal bookkeepers/accountants.

We work closely with our clients to deliver a high quality and cost-effective service which not only meets compliance requirements but also adds value, tailoring our service to meet our client’s needs. In addition, we are continuously investing in data analysis tools and audit technology to provide the best service. Lovewell Blake can provide a wide range of services across the different teams and specialisms within the firm which can harmonise services provided (accounts and tax for example).