We can help auditors help their clients in four ways:

We can provide services which you are prohibited from carrying out under the Ethical Guidelines. In particular we can draft accounts, both UK GAAP and IFRS, and document processes so as to ensure compliance with ISA 315.

1. Click here to see our short film explaining how we can help with IFRS accounts preparation
2. We can make sure you get the right information on which to base your advice and make sure your advice is carried out properly;
3. We can spot things which if brought to your attention early enough, can avoid becoming a problem;
4. We can make sure that the accounts and working papers are properly prepared, and so reduce cost overruns on the audit.

Information

In order to keep clients and increase the value that you bring them, you need to gather information that is accurate, issue advice, and get it carried out. In this process only the issuing of the advice is within your control. The quality of the information is a function of the quality of the finance director. And its implementation depends on the ability of the finance director or managing director to understand exactly what is required. If the advice is even only 90% understood the result can be quite different from the intent.

If the information is not available, or of poor quality, you are not going to be able to give proper advice. So you can either get the information yourself, or use a third party. It is often too expensive to use your own staff in an accounting role and the only viable alternative is an outside contractor. Not only does this solve your problem but it is often welcomed by the managing director who sees you as providing a solution rather than a problem. Often the problem runs much deeper than the information which you require. Once we are engaged we can sort out the other areas that are troubling the business and would be an issue at audit.

Often your advice is that it is vital that things happen in a certain order. But when a series of transactions are being prepared all at once, for a capital raising for example, it is easy for dates to be confused or ignored. With someone on the ground who understands the implications of these things, hefty tax bills are less likely!

Avoiding problems

Clients do not have the breadth of accounting knowledge that you have. So they can go and do something without being aware of the implications until it is too late. But a finance director sees things on a daily or weekly basis and can spot potential pitfalls: in being asked to approve an offer letter, there is an opportunity to point out the tax consequences of issuing shares to the new sales director at par. W are not experts, we are all-rounders, so our recommendation in these circumstances is always to seek expert advice.

Removing friction

Everybody wants the best for the least and audit fees are no exception. We can prepare accounts and audit files properly so that you can avoid the discussion about whose fault it is that the audit fee is higher than budget.