Understanding your assurance needs
Your assurance needs may derive from two sources:
Your contractual agreements may require you to seek the involvement of an independent accountant or auditor to provide a report to you and often for the benefit of a third party, on certain financial or non-financial information that arises from contractual commitments the business has entered into.
Alternatively, your business may not require an annual audit, however as a shareholder, you may want independent assurance on certain, perhaps more judgemental or complex, financial aspects of your business. In our experience this could be particularly relevant if, as an owner, you do not have direct involvement in day to day matters.
Our people, your partners
We have the experience of dealing with various types of assurance assignments including where appropriate reporting in accordance with relevant recognised regulatory frameworks.
Assurance related engagements
We can support you in scoping and efficiently completing tailored assurance work to allow you to satisfy the independent assurance requirements of any commercial agreements your business may have entered into.
Our services span a wide range of contractual matters including:
- Rental agreements for commercial property - where rent payable is based on turnover generated from the incumbent business
- Licenses for the right to use intellectual property - such as brand names or trademarks, where licensing fees are based on revenue generated from sales of products
- Grant funding agreements - where receipt of grant funding is contingent upon meeting targets for employment or incurring relevant expenditure
- Loan financing agreements - containing covenant testing requirements
- Landlord service charge accounts - accountant or auditor reports on service charge accounts
Where your business is not obliged to obtain an annual audit and where you feel a voluntary annual audit is not merited, we can work with you to scope alternative procedures to provide an assurance opinion.
This can typically include an overall review of your financial statements, analysing financial performance during the year and the position at the year end.
We can supplement this with detailed testing on specific areas which you may feel merit particular attention.
Where an audit is not needed, we can provide you with an independent opinion to support you and your businesses’ commercial and contractual needs.