Medium and Large companies are required to have a statutory audit, however, small companies can also benefit from an external review. Thomas Westcott have experienced teams across the firm to help improve performance.
Thomas Westcott provide a number of assurance and system review services that will help to improve your businesses practices, efficiencies and ultimately the bottom line.
An assurance report will provide a lower level of assurance in a formal document, on a particular area/s of the financial statements that are of a concern to the owner or users of the statements. For example if the bank are concerned over the level of bad debts or owners want improved understanding of causes of stock inefficiencies, an assurance engagement can help to provide this. They can be tailored to more specific requirements, which can provide a more cost effective approach to a full audit, whilst also reducing the time requirements of staff.
Systems and Controls review
These can be tailored to any area of the business that owners are concerned with or that are underperforming. As part of the review, the team will identify areas where the business can benefit from implementing best practice or redesigning systems to improve efficiency or identify cost savings. A whole system review of sales or purchase cycles can be undertaken or a review of bank authorisations/user rights.
Under either an assurance review of an audit engagement we provide a board report which documents our findings and is presented in a format that is accessible to those familiar with the financial systems and also those not so familiar. These reports are well received by a variety of clients and represent real value added service. They are also easy to interpret by trustees of a charity to non-executive directors not directly involved in the running of the business.
For further infromation visit our Audit and Assurance services page.
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