Annual Audit
Whilst many smaller firms have been shying away from audit and assurance work, we at Chater Allan see this as a major growth area. Although audit thresholds have increased dramatically, allowing some companies to opt out of the statutory audit, our experience is that companies recognise the value of the independent assurance process. As well as giving reassurance to funders, external shareholders and Government bodies, the audit itself is a positive process which will highlight areas of improvement for the business.
The increase in the audit thresholds means that smaller businesses no longer need a statutory audit but many of our clients still prefer to retain the assurance that an annual audit gives them and the other stakeholders including lenders and investors, both current and future.
The introduction of International Auditing Standards has added to the specialist nature of this work and is one of the reasons why we have concentrated resources in this area and have actively recruited additional high quality people into our team.