Latest Audit and Assurance

Don’t Risk Poor Controls. Risk taking is an innate quality of entrepreneurs. However, those with prowess have the art of maximising beneficial opportunities and avoiding detrimental risks, thus limiting the potential for loss. With this in mind it is the responsibility of management to undertake regular risk management reviews and establish effective internal controls. Areas…

Academies:  2013 Audit Outcomes. There were 2,248 sets of audited accounts submitted to the EFA for the year ended 31st August 2013. Of these 25 (1.1%) had a qualified audit opinion and 73 (3.2%) had a qualified regularity opinion. Of the 25 qualified audit opinions, 21 of these resulted from failure to disclose trustees’ salaries.…

Painless Audits! It is a common misconception that the purpose of an audit is to find errors or fraud within a company’s financial records. However, the real purpose is to give readers of financial statements confidence that they give a true and fair view of the actual trading performance. At Whiting & Partners our approach…

New audit exemption rules for small companies and for subsidiaries The government has recently announced changes to company law that allow many companies and limited liability partnerships more choice in deciding whether to have a statutory audit. The changes apply to financial years ending on or after 1 October 2012. Who is affected? Broadly, there…