Did you know Roffe Swayne has significant expertise working with pharma companies?
Alex Temlett, Partner at Roffe Swayne, has built up a significant level of expertise and experience working with the UK’s largest pharmaceutical (“pharma”) companies. Supported by senior members of our audit team, services provided range from specialist audit and statutory accounts preparation to transaction due diligence.
Alex worked with pharma companies in relation to their PPRS (Pharmaceutical Pricing Regulation Scheme) reporting requirements to the Department of Health (“DoH”) where they had modulated their prices and in connection with the review and submission of their Annual Financial Review (“AFR”) statements.
2019 saw the introduction of the VPAS (Voluntary Scheme for Branded Medicines Pricing and Access), which relaxed the requirement for pharma companies to use their statutory auditor for the audit of their Annual Sales Report (“ASR”). Alex has been undertaking this specialist audit work for many of his previous PPRS clients, having received DoH approval shortly after the commencement of the new scheme.
We also provide the audit certificate that pharma companies are required to send to the Medicines & Healthcare products Regulatory Agency (“MHRA”) under Schedule 4 of the Medicines (Products for Human Use) (Fees) Regulations.
Additionally, Alex assists a number of his clients with outsourcing the preparation of their statutory accounts for all UK entities (often 30+ operating and holding entities). This involves undertaking the whole process, from final trial balance through to signed statutory accounts, including project management, advice on developments in accounting standards and related disclosures and liaising with the, typically Big 4, auditor of the pharma company.
“My clients in the pharma industry really appreciate the expertise and experience that I have working with the PPRS and VPAS. I undertake the work myself, assisted by senior Roffe Swayne team members, meaning that my clients have faith that their audit team will be consistent from year to year and they will not need to spend time familiarising the audit team with the way they (and the VPAS) operate each year.
When it comes to statutory accounts preparation, these are significant projects that my clients want to place with a team they trust to deliver a high-quality product, in line with an agreed timetable. We take the onus of new disclosures and accounting standards away from our clients and liaise directly with the auditor to free up our client to concentrate on running their business.”