Statutory Audit in Small Companies
Nowadays, the auditing sector is under analysis. As the government is serious about this, they are requiring improvement in this sector. The reason behind this is recently we have seen the collapse of some top-notch firms that were pointed for not having proper audits.
And to help you out in this situation, we are here! All you need is to share your company details with us and give us access! The rest is up to us!
How Do We Help in Statutory Audit in Your Small Company?
Before you get into a small business, you have to know the basic details of the Statutory Audit in your business. In easier terms, we will explain it here so that you are capable of understanding it easily.
When you have a small business or any kind of business organization, you will have financial accounts for your company. The independent assessment of those accounts is called a statutory audit.
The auditory part of the company will help in keeping their eyes on the financial statements. In this case, the financial statements that are issued by the organizations can be unfair too. To make sure that the statements are fair and true, the auditory plays the role.
On the other hand, the financial statements need to meet the legal requirements. Along with this, meeting the relevant guidelines is also prominent here. With the statutory audit, the small business creates a firewall against any sort of risk in the future. Also, it helps is making plans for the future.
On that note, it is very important for a company that the auditors of the organizations are serious enough to recognize any issue that comes out while auditing. Also, it is necessary to report the issues so that necessary steps can be taken for the welfare of the companies and the whole country. And if you are with us, we are going to afford your effective audits so that it is easy to exceed the statutory obligations. On the other hand, out audits come timely and so, you don’t need to worry about anything at all!
Companies that require Statutory Audit
In most cases, small companies do not require statutory audits. However, if you have a small company and you are confused about having audits, we will give you clear data if you need an audit or not! According to the new code of the corporate crisis and insolvency, the audit is mandatory if:
- There are requirements for preparing consolidated financial statements
- The company is required to audit the accounts
- Passes any of these limits and continues for two years
- Turnover will be less than E10.2m
- The balance sheet total will be less than E5.1m
- The average employee numbers will be less than 50
FAQs on Statutory Audit
What is the checklist of companies that need a statutory audit?
In most cases, the banks and investments firms require statutory audits because they go through huge financial pressure. On the other hand, if you are running an insurance company, you have to go for this. All public companies must have statutory auditory methods includes. Along with this, the brokerage firms require this in their companies too.
What do we do when you come to us?
We are here to afford your exceptional audit service. We go through a deep understanding of your small business and then we offer you proactive advice. Along with this, we afford you insights for improving the business. We inspect the documents along with the whole calculation and surveys. We review them and report them to you!
Are small companies exempt from the audit?
No, not all the small companies are exempt from the audit. According to the Company Act of 2006, if the small businesses or companies are qualified as a small company then they will get exempt from the audit. However, if they are members of charities or a group, they will need to go through the audit process.
Wrap Up
Now you know how we can help you in the statutory audit sector if you have a small business. We do not hamper the daily routine of your business. We will only go through the details inspect the details and we will find out the mistakes if there is any. Then we will report to you about it!
We can help you out whenever you are in a problem. Contact us and you will be free from your extra workload because we are here to share your load!
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