A statutory requirement for many limited companies, an annual audit is an independent examination of a company’s financial and accounting records by an external expert accountant. The auditor seeks reasonable assurance that the financial statements on which the auditor is reporting are free of material misstatement.
While some companies see this process as an unnecessary compliance cost and a drain on resources – at Slattery & Partners we believe that, with the right approach, an audit can substantially benefit your business.
When our practice undertakes an audit, we provide assurances on your business controls, whilst at the same time satisfying regulatory requirements. With our audit approach, we gain a detailed knowledge and understanding of your business at many different levels – allowing us to identify risks as well as any areas that may require improvement. The aim is always to provide our clients with recommendations that will be useful in the profitable operation of their business.
To provide the audit assurance necessary for reporting, we conduct the annual audit in an efficient and focused manner. We also make sure it is always constructive – while identifying the risk factors attached to each entity. Understanding risks in this way helps your management to implement approaches and controls that are appropriate to manage the risks.
The audit review of internal procedures and controls can be used as an opportunity to review the effectiveness and operation of your existing controls. It can also play a part in suggesting improvements to operational procedures, where required.
Slattery & Partners holds Registered Auditor status with Chartered Accountants Ireland, in accordance with the Companies Acts. We tailor our audit approach for every client – addressing the risk in each different business and focusing our testing on those areas.
Audit Exempt Companies
Before enquiring about our audit services, we recommend you first check whether your company is entitled to audit exemption. To avail of this exemption, the following criteria must be broadly met for the current and preceding year:
- The company is one to which the Companies Act 2014 applies.
- The amount of the turnover of the company does not exceed € 12,000,000 per annum.
- The balance sheet total of the company is less than € 6,000,000 at the end of the year.
- The average number of employees does not exceed 50.
- The company is up to date with its filing requirements at the Companies Registration Office.
The Slattery & Partners difference? As Chartered Accountants we work with your audit at a much deeper level; we interpret what the figures are telling us and help plan a more effective way forward for your business. We will conduct a full analysis of the financial management of your company – its systems, procedures and controls – and look at how improvements, savings, efficiencies and changes can be implemented. We develop a real, in-depth understanding of your business – getting to grips with your strategic drivers, exploring how your decisions are made and getting to know the people involved.