Any UK business must have an audit of its annual financial report by an independent expert if it meets two of the following three criteria; turnover of more than £10.2m; assets of more than £5.1m; over 50 employees. Many companies which do not meet these thresholds, still decide to have an audit for sound business reasons, such as; to ensure the business’ systems and results are robust and to reassure shareholders and/or potential investors that financial reporting and processes are in good order.

Our audit team assist companies in meeting their governance and reporting requirements, both within and outside the UK audit threshold and across a range of regulatory environments and sectors including financial, legal and charity. We have expertise in a number of key regulated areas that require specialist reporting to specific oversight bodies, to confirm aspects of our clients’ business and financial statements comply with specific requirements. While much of a statutory audit is compliance based, we believe that an audit should challenge the business’ systems and results, providing an honest business assessment for both management and shareholders.

Many clients use our audit and assurance recommendations to help improve the performance of their financial systems and to help reduce business risk. Working closely with our other specialist teams we will approach our work from both a tax planning and transactional perspective.

Where an audit is not required or considered necessary by shareholders, we are strong advocates of the ICAEW Assurance review engagements. These include a review of the key areas of the accounts and provide a level of assurance to management, shareholders and third parties over the integrity of the results.

As a member of the UK200Group, we have access to an international network of accountancy and legal firms for clients who have cross border or domestic financial and tax requirements.

“Roffe Swayne has conducted audits on our UK and Irish subsidiaries for the past two years. Having our headquarters and finance team based in Canada only adds to the challenges and complexities an audit typically brings. The entire process has been extremely efficient thanks to the efforts, professionalism and diligence of the team at Roffe Swayne. We have found them to be very responsive to our needs and questions in addition to being extremely knowledgeable. We are definitely glad we chose to work with Roffe Swayne and would recommend them to anyone seeking an audit partner.” (Richard Mandic, Financial Controller at eSentire Inc)

An assurance engagement provides management with a lot more flexibility to decide on the areas of their business that they feel would most benefit from an external review. As you might expect, the scoping of these engagements is critical and by working with you we can tailor our service offering to meet your requirements.

You may wish to review your controls over the stock you hold, systems for dealing with the cash or perform a review of balances as you transition onto a new accounting system. In all cases the team at Roffe Swayne can provide a tailored approach with practical solutions to give you piece of mind and free your time to grow your business.

One of the focus areas for any business is mitigating their risk exposure. This could be financial risk around managing debt and cash flow, coping with non-payment or supplier failure and increased finance charges. It can also be commercial/strategic risk around generating enough revenue to cover costs and create a profit, or responding to increased competitor activity or a change in the business’ client portfolio.

We spend a lot of time with clients helping them think through some of these aspects, either in the course of an audit, or outside of that process as they prepare for specific events such as shareholder reporting or strategic planning and forecasting.

Other business risk areas include coping with additional compliance and reporting requirements, IT and systems failure and managing fraud and cybercrime processes.

There are increasingly complex rules and regulations within the financial services sector, whereby regulated businesses must comply. We simplify the compliance and reporting process and can help you to grow your business, with our audit and specialist tax services and advice on business restructuring.

Our FCA regulated clients range from small owner-managed businesses to large entities and include investment funds and fund managers, independent financial advisers, insurance and retail companies and Enterprise Capital Funds.

Some of the ways we have assisted clients include; checking capital adequacy requirement calculations and filing GABRIEL returns, preparing financial statements for a £30m Enterprise Capital Fund and advising on tax efficient structures.

“Roffe Swayne made themselves available to us very quickly at a time when we had been let down very badly by our previous advisers. Once we had explained the situation to them, they wrote a clear and concise report and invited us into their office to go through their findings and establish a clear way forward. Everything was explained very clearly to us and we were delighted to be able to appoint the firm immediately to look after our interests in the future. We always try to remain loyal to our professional advisers and I am sure this will be straight-forward with Roffe Swayne. After a year we are very impressed with their attention to detail and professionalism.” (Greg Wildman, Managing Director at Basil Fry & Company)

Global Investment Performance Standards (GIPS) are a single set of global industry standards which aim to harmonise investment performance reporting and calculation, to create comparative and accurate data. These standards apply to investment management firms who market their past performance to existing and prospective clients.

Compliance with GIPS demonstrates that your business has strong internal processes and places a high importance on best practice, giving confidence to investors. Although third party verification is not legally required, it is recommended as best practice under GIPS, giving additional confidence in compliance to existing and prospective clients.

Our team can provide specific advice on the procedures and measures required for GIPS compliance, deliver third party verification for a given time period and complete a more extensive performance audit on a specific group of portfolios (composite).

“We engaged Roffe Swayne to complete a full GIPS verification and performance examination of all of our composites. Along with ensuring we were GIPS compliant, they made valuable recommendations for our presentations and policy documents and other areas of advice. They are now our long-term partner in ensuring that we continue to follow best practice.” (Ralph Baber, Director at Slater Investments)

Our team has extensive experience in advising organisations when applying for grants, implementing systems to meet the compliance requirements of the various grant providers whilst undertaking contract and grant audits on behalf of grant providers.

Research and development (R&D) activities are on the rise, as businesses become increasingly focused on innovation and differentiation. Funding for R&D projects is often obtained via grants from government- managed organisations. Businesses are required to report to the grant provider on their expenditure. Depending on the level of funds received, the report will require periodic verification by an independent accountant.

We work with grant audits across many sectors – notably large construction and technology companies – and have carried out independent reports for the following grant providers: Innovate UK, European Union Sixth Framework (FP6), European Union Seventh Framework (FP7) and UK Space Agency.

The purpose of an internal audit is to identify and address weaknesses in internal financial and reporting processes and to minimise risk to your business.

Audit committees or executive and non-executive directors, are charged by company boards with corporate governance responsibilities. Undertaking an independent internal audit, based on expert opinion, allows the board to reassure shareholders that their financial governance and control environments are robust. Consequently, the likelihood of any breakdown and subsequent detrimental effect on shareholder value and profitability is reduced.

Internal audit risk reporting will assist you in the development of your internal audit plan, prioritise risks for testing, identify any control weaknesses and make recommendations on how to improve and manage internal controls more effectively.

We can also assist with internal audit function review and support, fraud investigation and prevention controls (see also Forensic accounting) and finance function optimisation.

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