• Call Us: +447455171906
  • Email: info@firstaccountant.co.uk

Audit

At First Accountant we deliver a robust and innovative approach to audit and assurance. We recognize the primary importance of internal control over financial reporting and for this reason our audit approach emphasizes risk management, IT assurance, data analytics and financial reporting.

Our key deliverables typically include, reports to the audit committee on significant risks, the design and implementation of internal control over financial reporting, IT controls and IT audit reports on transactions and processes, analytical procedures designed to explain variances between actual and expected performance, reporting under International Standards on Auditing, review engagements, assurance engagements and related services.

Environmental and social sustainability

Protecting the environment and improving social conditions in communities is more than just risk management and regulatory compliance – its good business sense. More than ever, environmental and social risks can be controlled and opportunities leveraged to ensure lasting positive change in line with sustainable development goals.

FRS 102

Following the replacement of UK GAAP with FRSs 100, 101, 102, 103 and 105, we can provide you with an assessment of the potential effects of the new accounting standards on your financial statements and help you to properly prepare for the change. Please contact us for more information on how we can help.

Internal audit

A critical element of good corporate governance is ensuring that procedures and controls are operating effectively across all operations. Internal audit provides assurance and also identifies areas of improvement within key operations of the business, thus empowering management to enhance performance.

An effective internal audit consists of a systematic review of all the important processes in an organization, including finance, HR, IT, sales, purchasing and other operational departments. Internal audit evaluates policies, procedures and controls, to ensure they address:

·         the achievement of objectives;

·         the management of risk;

·         the effective and efficient use of resources;

·         compliance with external laws and regulations;

·         the safeguarding of assets from fraud, irregularity or corruption;

·         The integrity and reliability of information.

As well as providing both fully outsourced and co-sourced internal audit, the First Accountant team can assess the effectiveness of your existing internal audit function, help you to establish your own function or perform an audit of any area of your business.

 

Risk management

It is impossible to eliminate risk from your business completely - but you can manage it. Strong risk management will help protect your business against the unexpected.

The management of risk should not just be viewed as the responsibility of a separate function. The pressure on the Board, therefore, is not only to develop effective structures and systems to manage risks, but to ensure those systems are aligned with business objectives, strategies and internal functions, and embedded into every part of your organization.

The start of any risk management project will provoke debate; by the end, there should be improved understanding, increased transparency and better controls to monitor and manage strategic and operational risk.

At First Accountant, our sector-specific approach guarantees that we help you identify and fully understand the risks that affect your business, and then implement the right controls to address them.

Our risk management software Rhiza Network, complements your existing function and enables effective and accurate risk identification, recording and reporting, evaluation and planning. Rhiza goes to the root of the risk management challenge by enabling organizations to communicate their risks and mitigating actions effectively – ensuring that risk management becomes embedded into everyday business activities.

Our objective is to help your organization not just feel confident about change and uncertainty, but to prosper from it.

Specialist assurance

It has never been more important for organizations to have robust systems and controls underpinning their business.
 
Companies that approach assurance from a purely compliance point of view may not fully appreciate its value to sound business practice. First Accountant specialist assurance services provide management, owners, customers and other stakeholders with the confidence that a business is being run and governed effectively.

Our assurance services not only aim to ensure that your systems and controls are operating efficiently and effectively, but also that your business gains commercial value from the exercise. As such, this should not be viewed as a quick fix but rather as something of value, empowering you to achieve your business goals.

The benefits of our audit services

The primary objective of an audit is to provide an independent opinion on your annual accounts. Its viewed by many as a necessary evil – but undertaking an audit can often lead to significant benefits for a business if approached in the right way.

Improving your systems and controls
working in a business day-in day-out can mean concentrating on specific issues whilst failing to notice the wider situation. In looking at the business from a completely independent view, we are able to suggest ideas for improvement that may not have otherwise been considered.

Risk awareness
Risk and governance plays an increasingly important role in many businesses, regardless of size or sector. Owners need to take an even more active role in managing all types of risk, from strategic to regulatory, operational to financial. An audit can be the perfect platform to do this, providing assurance that the correct systems are in place to handle any potential risks that may arise.

Satisfying third party requirements
an audit does not just provide confidence to the owner that a business is in good shape – it also offers evidence and assurance to third parties. An audit permits the stakeholders of a business such as shareholders, banks, suppliers, customers and even staff, to make better informed decisions about its current performance and their subsequent relationship to it, providing additional comfort when deciding whether to invest in, provide finance to or trade with that business.