Audit

Our Audit Services

Whether you need an audit because of a statutory or stakeholder requirement we are here to help.

In delivering your audit we focus on understanding your business and your key risks. We build on this understanding and our considerable experience of auditing clients across a range of sectors to ensure we add value to your business. This value is delivered through:

  • the provision of a robust and independent audit opinion;
  • the communication of feedback on systems and controls;
  • the involvement of our in-house specialists in the audit process where required;
  • proactive accounting advice delivered in a practical and timely manner to ensure there are no surprises at the year-end; and
  • through discussion and feedback on risk and business process.

We believe it is important to build a long-term relationship with our clients and the key to this is maintaining regular contact throughout the year.

You will benefit from our extensive experience of working with a broad range of clients including owner managed businesses, charities, public interest entities, large private companies and not for profit organisations. Our clients include organisations from a wide variety sectors including:

Our Services

A statutory or regulatory requirement
A limited company requires an audit unless it qualifies as a small company. The audit exemption test that a stand-alone company (i.e. one which is not a member of a group) must meet is, therefore, the definition of a small company. The company must meet these conditions taking account of the two-year rule, and also must not be “ineligible”.

Small company – qualifying conditions   

Turnover   Not more than £10.2m 
Balance sheet total (gross assets)   Not more than £5.1m
Number of employees   Not more than 50


Your company must have an audit if at any time in the financial year it has been:

  • a public company (unless it is dormant);
  • a subsidiary company (unless the Group qualifies for an exemption)
  • an authorised insurance company or carrying out insurance market activity;
  • involved in banking or issuing e-money; or
  • a corporate body and its shares have been traded on a regulated market in a European state.

However not all organisations are registered companies and are instead formed under other legislations, for example, The Charities Act or the Pensions Act. There are different audit requirements for these organisations for example:

Charity – qualifying conditions   
Income   Not more than £500,000 
Assets   Not more than £3.25m


If the Charity meets one of these criteria, an audit is required.

There are other conditions for other organisations and Groups which we can assist with if these are relevant to your business.

Please click on the logos below to access the relevant website.


A Stakeholder Requirement
Although your business may not require an audit as a result of a regulatory requirement, you may choose to have the discipline of an annual audit to provide assurance on your financial statements for stakeholders, covenant compliance purposes or for other reasons.

We can assist you with this requirement and would be happy to outline our audit approach including reporting to management if this is of interest.

Our methodology for delivering a high quality, robust, independent and challenging audit process in full compliance with International Standards on Auditing (ISAs) can be broken down into three main stages:  

Planning
We invest significant time at the planning stage of the audit to ensure our approach is effectively tailored for your accounting and reporting requirements.  We will arrange a pre-audit meeting with you to discuss financial performance, changes in systems and procedures, significant developments or events as well as any unusual or complex transactions. We will also agree an outline reporting timetable and confirm details of information and documentation required for the audit and tax process.

Using our knowledge and understanding of your business and the sector in which you operate, we will identify and assess the risks that could lead to material misstatements in the financial statements.  Our risk assessment procedures will include discussions with management and analytical review of results.  Once the risks have been identified we develop an overall audit strategy and a detailed audit plan to address these risks.  The audit strategy and plan will be continually reassessed throughout the audit and adjusted to address any additional risks identified. 

Regular dialogue with you throughout the year means “no surprises” from either your or our perspective, making planning easier as issues arising can not only be discussed and resolved on a timely basis, but we will have a detailed understanding of the key opportunities and challenges you face.

Gathering Audit Evidence
Our objective is to obtain audit evidence to support our audit opinion.  This is obtained during our on-site fieldwork.  We will document and review systems and controls and if relevant will test the operating effectiveness of controls.

We will test transactions on a sample basis across all key areas of the business including revenue, expenses and payroll.  We will analytically review your financial information to obtain explanations and evidence to support our audit opinion.  We will review draft statutory accounts and disclosures to ensure compliance with all relevant accounting requirements.

Manager and Partner reviews are a key part of our process and help to ensure the quality of our audits and will be performed on a timely basis to avoid last minute information requests and ensure early resolution of any issues raised.

We plan and perform our audit to be able to provide reasonable assurance that the financial statements are free from material misstatement and give a true and fair view. 

Completion & Reporting
We will work with you to ensure that the statutory financial statements meet all legal and regulatory requirements.  At the end of the audit we will meet with management to discuss the results of the audit and review the draft financial statements.  At this meeting we will have the opportunity to discuss with you the audit findings which may include:

  • technical accounting matters;
  • identified weaknesses in systems and controls and recommendations for improvements (including commentary on progress in meeting recommendations);
  • feedback on the draft financial statements, including qualitative considerations;
  • feedback on operational issues; and
  • updates on sector developments, including forthcoming changes in both the financial and regulatory reporting framework.

As part of the audit process we will review your financial statements to ensure they comply with the requirements of current accounting standards and practice.

In the UK the accounting standards that apply to the preparation of financial statements include:

  • FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland
  • IFRS - International Financial Report Standards

Statements of Recommend Practice:

  • Charities SORP (FRS 102)
  • Housing SORP (FRS 102)
  • Accounting for LLP’s
  • Pension Schemes

Useful links:


Meet some of our Audit team



Paula  Galloway

Paula Galloway
Partner & Head of Audit
p.galloway@frenchduncan.co.uk
0141 221 2984

Tony  Sinclair

Tony Sinclair
Partner
t.sinclair@frenchduncan.co.uk
0141 221 2984

Stephen  Hughes

Stephen Hughes
Partner
s.hughes@frenchduncan.co.uk
0141 221 2984

John Anderson

John Anderson
Partner
j.anderson@frenchduncan.co.uk
0141 221 2984

Nicola MacLennan

Nicola MacLennan
Audit Partner
n.maclennan@frenchduncan.co.uk
0141 221 2984

Tommy Bates

Tommy Bates
Audit Director
t.bates@frenchduncan.co.uk
0141 221 2984

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