Gilberts is registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales, and audit is at the heart of what we do. We apply rigour and commitment to quality to every audit we carry out, from owner-managed businesses to groups and UK subsidiaries of international companies.
An audit gives your shareholders, lenders, customers and suppliers confidence in your financial statements. It also gives you an independent view of your financial controls and reporting. Where our work identifies weaknesses or improvements, we report them to you clearly so you can act on them.
An audit is not just a statutory requirement but an opportunity to identity areas for improvement in the business so we can advise on how to run your business more efficiently and profitably.
The increase of the audit threshold has meant that for some businesses a formal audit report is no longer necessary. However, companies may still require an independent assessment of their records and accounts and we can provide an assurance report to key stakeholders such as banks and external investors.
Do you need an audit?
Following the increase in company size thresholds, fewer companies now require a statutory audit. However, group companies, subsidiaries and some regulated entities may still need one, and shareholders holding at least 10% of the shares can require an audit even where an exemption would otherwise apply. We will help you establish whether an audit is required and, where it isn't, whether a voluntary audit or limited assurance review would better meet the needs of your lenders, investors or stakeholders.
Your audit partner and manager are closely involved at planning, during fieldwork and at completion, not just at sign-off. Key judgements are discussed with you early, so there are no surprises at the end.
We run each audit as a managed project, with regular team reviews of progress and issues while the audit is under way. That means timely queries, fewer follow-up requests and a clear timetable to completion.
We use data analytics and AI tools to analyse whole populations of transactions where appropriate, focusing our work on the areas of genuine risk rather than routine sampling. Every conclusion is reviewed and signed off by our people.
Our audit findings report sets out observations on your controls, systems and reporting in plain terms, with practical recommendations you can act on.
We will help you prepare for the changes to FRS 102 taking effect from 2026, including the impact of bringing leases onto the balance sheet and the new approach to revenue recognition, well before your first year-end under the new rules.
Our partners contribute to the profession's thinking on audit and reporting, including through ICAEW technical committees and working groups.
To enquire about the business and accounting services that we offer in St Albans, Hertfordshire, and surrounding regions, contact our office today.
