Auditing
Considering the arduous audit regulations and FRC ‘s high expectations of audit quality our aim is to deal with these compliances with as little hassle so that the company concentrates to get on with the running of the business. Sawhney Consulting is a qualified registered auditor in the United Kingdom as authorised by the Association of Chartered Certified Accountants to deal with all statutory and bespoke audit and assurance services.
Statutory Audit
We carry out audits, of your business and financial statements for statutory regulations. A statutory audit is legally required by statute to review of the accuracy of a company’s financial statements and records to determine whether the company provides fair and accurate representations of financial statements.
We have many years of experience carrying out statutory audits. It is important to know that there may be some cases where the statutory audit is required (for example Shareholders, Grant providers, and lenders’ requests) even if the company meets the exemption criteria of the audit.
For financial years that begin on or after 1 January 2016, some company may qualify for an audit exemption if it has at least 2 of the following.
- An annual turnover of no more than £10.2 million
- Assets worth no more than £5.1 million
- 50 or fewer employees on average.
Companies that must have an audit
Your company must have an audit if at any time in the financial year, the company:
- Does not qualify for the above audit exemptions or; Is a public company (unless it's dormant) or; A corporate body and its share have been traded on a regulated market
- Is a subsidiary company (unless it qualifies for an exemption) or; An authorised Insurance Company
- An authorised Insurance Company
- Involved in Banking
- Carrying out Insurance market activity
- Is an authorised entity to carry out insurance, banking and investment activities.
- An issuer of electronic money (E-money)
- A special register body
- A pension or labour relations body
- A funder of a master trust pension schemes
Non-Statutory Audit
A non-statutory audit is an audit of a company or organisation’s business where there are no statutory or regulatory requirements either by the law or the regulatory authority for an audit to be undertaken. At Sawhney, we provide the services of non-statutory audit as required by the organisation such as Small Companies as per the Companies Act, not a public interest entity, and non-listed companies.
Solicitor Rules – Accountants Reports
All SRA-authorised firms, and their staff, that:
- Received or held client money
- Operated a joint account; or
- Operated a client's own account as a signatory.
Requires to obtain an accountant’s report within 6 months of the end of the accounting period to which the report relates. We prepare the reports for the solicitors’ firms and send the reports as per the SRA accounting rules.
We also carry out the reconciliations of the statement or passbook balance of the general client account and associated accounts. If the law firm receives client money during any accounting period and that money is from the Legal Aid Agency then we can assess the requirement to obtain an accountant’s report.
Charities Audit
The trustees of the Charity must arrange with an accountancy firm to carry out either audit or independent examination if the annual income of the charity is over £25,000. This is an independent assurance to the stakeholders of the charities that the Charity money has been accounted for and proper accounting records are kept.
A full Audit is required when the charity income is over £1 Million and gross assets are over 3.26 million and income is over £250,000.
We provide the following services to the charities
- Independent Examiners report
- Full audit as per the requirements of the Charities Act 2011
- Prepare a Full audit report when the charity has to get accounts audited for funders’ requirements
- Prepare a Full audit report when Charity Commission asked the charity to get accounts audited
Independent Accountants Report (IAR) - Innovative UK Grants
Under the terms of Innovate UK funding, the receiver of the grant must submit either a statement of expenditure (SoE) or an independent accountant’s report (IAR) with the final grant claim.
Any partner’s individual total project costs above £50,000 must provide evidence with an IAR.
If you or any organization in your consortium failed to submit an SoE or IAR on a previous project, you will not be awarded funding in any other competition until Innovate UK has received the documents. Our specialized team prepares a statement of expenditure (SoE) or an independent accountant’s report (IAR) that successfully claims the grant.
