How Roffe Swayne Helped MR Solutions with their first audit
Guildford-based MR Solutions (MRS) is an independent world leader in MRI technology. Developing and manufacturing the world’s first range of commercial, superconducting, cryogen-free (dry magnet), preclinical benchtop MRI systems.
Finance Director Ben Withinshaw was brought in nearly two years ago to help manage the company’s ongoing expansion into other imaging modalities. They took the decision to initiate an audit of the 2015 financial statements to support the growth programme. An audit was not required by law, but given the company’s forecast growth and international customer base, MRS felt it would be beneficial for stakeholders and demonstrate a robust financial position and enhance corporate credibility.
As this was MRS’s first audit, it was a new process for their accounts and management team. They were keen to appoint an auditor who would work well with the teams, and would fit in with their ethos and values. As an independent advisory firm, we understood their entrepreneurial nature and need for proactive advice and knowledge-sharing across management and accounting functions.
Our audit team worked both on and off-site with MRS. We provided a full service audit, including advice on their accounting policies, accounts production and internal systems.
Furthermore, MRS was applying for the Queens Award for Innovation at the time. So we were able to provide bespoke assurance regarding their turnover and employee numbers which formed part of the award process. MRS went on to win the award for 2016. For 2017 they have applied for the Queens Award for Enterprise.
How we helped
With a ‘first year’ audit, the prior year balance sheet must also be audited. This was challenging for MRS as they hold stock and a rigorous stocktake had not been undertaken at the previous year-end. As a result, we worked together to ensure that, as auditors, we could be comfortable with the opening balance sheet position and give an unmodified audit opinion. This meant an in depth review of stock movements over a 12 month period. A valuable exercise as it meant there was a clear view of stock in the business.
As a result the company could confidently send a clean audit report to existing and potential customers. In addition MRS had clear and concise working schedules they could use throughout the year to prepare their management accounts.
Following the investment made by both sides for the first year audit, MRS was fully prepared for the 2016 audit. Consequently, this led to a highly efficient audit sign-off within 3 months of the year-end. Meaning the Management and Accounts teams were able to get on with other business management activities in plenty of time.
Want to know more?
You can find out more about our audit and assurance service or call 01483 416232.