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.