Audit and Assurance Services

Toby Wilson, partner for Lovewell Blake

Statutory audit and tailored assurance services provided by experienced and highly qualified Partners and staff

Toby Wilson, partner for Lovewell Blake

Whether you require an audit by law or choose to opt for a statutory audit, our team of experienced auditors will provide a focused, sharp and timely service. Our approach is to focus on the areas of higher perceived risk, tailoring our methods to target the key areas. Our report can focus on the areas which are most relevant to you.

Partner-led service, risk driven approach by highly experienced and qualified auditors

As a firm, we pride ourselves in being large enough to be able to service all your needs but small enough to provide a personal service. Our key strengths have stood us at the forefront of local audit firms for many years.

  • An established firm with over 160 years servicing clients in East Anglia
  • A Partner-led approach with highly experienced and qualified Audit Partners
  • Highly trained audit staff who specialise in audit and assurance projects
  • Diverse business structures, sizes and sectors catered for
  • Strong international credentials both in house and through our HLB International membership
  • Focussed on quality and fully compliant with ISQM (UK) 1

Catherine	Jeffery

Different because you are

We pride ourselves on providing individually tailored services to our clients. Whatever your aspirations and priorities in business and life, we will be by your side with expert advice from local specialists. It is because your needs are unique, that the solutions we provide are distinct and personalised to you.

Get in touch to discuss your needs with one of our audit partners.

Audit and Assurance Services Articles

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Key partners and staff

Gary Flatt, Partner for Lovewell Blake

Gary Flatt

Partner

Neil Orford

Partner

Simon Watson

Partner

Toby Wilson

Partner

Steve Eagling

Audit RI Director

FAQs

What is an audit and do I need one?

An audit is the external examination of an organisation's financial statements by someone independent, normally a Chartered or Certified Accountant and Registered Auditor.

By law, a company requires an audit when it has two of the following:

  • Turnover in excess of £10.2m
  • Gross assets in excess of £5.1m
  • More than 50 employees.

There may be other scenarios when a company requires an audit and transitional years are treated slightly differently.

Many organisations will opt for an audit even if they do not require one by law as a statutory audit provides a much higher level of scrutiny. If you would like to discuss your needs and our approach to audits please get in touch.

Can you help with accountancy compliance?

Our corporate services department can help in many areas of compliance, including but not limited to: preparation of financial statements (for audited and non-audited entities) to fulfil statutory requirements including filing at Companies House, providing advice in relation to the accounting treatment of transactions, providing Registered Office and Company Secretarial services such as Confirmation Statement filings, Director appointments/resignations, share transfers etc., making recommendations on a company’s procedures and processes as part of our audit findings.

What is an audit and why do I need one?

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.

What does a corporate accountant do? / What is included in corporate accounting?

An accountant in our corporate services department can assist with: statutory accounts audits, preparation of statutory accounts, corporation tax compliance and other matters such as assisting with filings at Companies House, advice on accounting or tax treatment.

What is the key benefit to a corporate audit?

There are many benefits to an audit of statutory accounts – compliance being key where an audit is required for one of the reasons listed above. Other benefits include: an objective insight on the company or group’s finance function, processes and controls, identifying weaknesses in these areas or susceptibility to fraud, promoting best practices within your organisation, adding credibility to your financial statements which may assist with obtaining finance from lenders or grants, peace of mind provided for shareholders outside of day to day management.

How disruptive is a corporate audit?

In order to ensure an efficient audit process, we will have a planning meeting with you to discuss the key aspects of the audit, agree a timetable and provide a deliverables list via a secure online document exchange portal, so that your team and ours are well prepared in advance. The audit team will test a sample of transactions and ask for various back-up documents for transactions and balances within the financial statements as well reviewing your systems and internal control processes. This will require time and engagement from management, however our experienced team will work with you to minimise disruption and will use various audit tools at their disposal to improve the efficiency of the process. We can also provide some flexibility around a combination of on-site presence as well as remote working to facilitate what works most efficiently.

What is included in an audit?

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.

Can an audit save my business money?

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.

Why should I choose Lovewell Blake for audit or assurance services?

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).

Wide-ranging tax planning and compliance services for individuals seeking advice and guidance from our team of experienced and highly qualified professionals.

Friendly and coherent advice and guidance on accounting and tax matters for small business owners including those starting out for the first time.

Established businesses requiring accounting and tax compliance services, forward thinking tax planning advice and the support to help your business succeed.

Our full range of enhanced corporate services aimed at large companies and those requiring audit, assurance, corporate tax advisory and diverse tax planning services.

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