Audit and Assurance

Audit & Assurance

Everyone wants to know your business, but how can you be sure you are giving the right message to the right people?

UK legislation imposes various regulatory reporting requirements on businesses and charitable entities, including procedural reporting and the formal requirement to prepare and, in certain cases, publish annual accounts.

Ensuring you present your results in a true, fair and reliable way will assist you in meeting your regulatory obligations and also provide your funders, customers, suppliers and other stakeholders with a real understanding of your business.

Johnston Carmichael actively supports businesses to meet these obligations; providing technical assistance in applying generally accepted accounting principles and undertaking independent reporting assignments as to the appropriateness and validity of the financial statements.

Whilst statutory audits are a central component of our audit function, we can also provide peace of mind throughout your business environment.

Statutory Audits - Whether driven by company law or by a regulatory body through associated legislation, an audit of the financial statements delivers an opinion on their true and fair presentation. The International Standards of Auditing (UK and Ireland) provide the framework for our audit work but each audit approach is tailored to recognise the specifics of your business and its environment.

Compliance Audits - Our compliance audits deliver an opinion on the appropriate application and interpretation of industry regulation ranging from Financial Conduct Authority full scope Client Asset audits through to the assessment of adherence to Scottish Enterprise grant conditions. Our work is highly tailored to appreciate the unique nature of your business and the environment in which it applies the industry regulation to ensure a concise and comprehensive audit process.

Internal Audit - Annual reporting serves its purpose but, at best, it is a snapshot of yesterday. Your business is today and we understand the importance of having systems in place to promote your success tomorrow. However, systems, in themselves, provide little peace of mind without effective implementation. As Internal Auditor, Johnston Carmichael will review your systems and procedures, identify the key controls designed to mitigate business risk and test their operating effectiveness. Our findings and recommendations for improvement or enhancement, will allow you to make the right decisions for your business and its future success.

IT Audit - If your business deploys computer technology, it will likely be an integral part of your operating and reporting environment and you will have grown to rely on it, but how reliable is it? Its effectiveness will be limited to the extent of the controls on access and security. Access rights, passwords, data storage, firewalls and physical isolation will serve to protect, but how much attention do you pay to these? Our IT audit includes discussion with you on the extent of your IT environment and challenging your systems of control to allow you to mitigate the risks to your business.

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  • Preparing for FRS 102 - Guiding you through the process

    The introduction of Financial Reporting Standard 102 (FRS 102) represents by far the biggest change to UK financial reporting in the past 20 years.

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  • Act now to maximise the benefits of FRS 102 transition

    The adoption of FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland represents the largest significant change in accounting for UK businesses for decades.

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  • Planning ahead could really pay dividends

    Following the first year implementation of FRS102, companies will experience a number of changes to the measurement and presentation of balances within their financial statements. Some changes will be mandated, others will be driven by the decisions the board make in respect of accounting policies and the transitional provisions of certain sections of the standard.

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  • Small business status revised - what does this mean for audits?

    Government legislation has confirmed the revised small company thresholds but, for those companies that gain the ‘small’ status, the question as to whether this equates to ‘audit exempt’ has yet ...

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  • Sharp Minds on Audit and Assurance

    We believe it's time for businesses to take a fresh look at audit. If your audit is focussed only on complying with regulatory requirements you could be missing out on a valuable business tool.

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