What The Law Requires
The law requires that the accounts prepared by directors give a true and fair view of the financial performance and position of the company. Auditors are required to prepare a report to shareholders stating whether, in their opinion, those accounts do give a true and fair view and whether the accounts comply with the law. The Auditors responsibility is thus to the shareholders.
The Thomas May Approach
In addition to our statutory obligation, our aim is to add value to your business through our commercially driven audit methods. We adopt a risk based approach where a significant emphasis is placed on gaining a thorough understanding of the business - how it operates, the major issues faced by management and the controls already implemented.
We will identify and focus our attention on the critical issues. The use of analytical review procedures and the modern sampling techniques ensure that audit work is completed as efficiently as possible, without disrupting our clients day to day business operations.
As part of the process we will report to management any significant areas of weakness in their systems and controls and offer advice on improving your financial and management systems. We aim to provide constructive advice on the more efficient running of the business including recommendations for improving IT systems.
We believe that a well planned audit process should provide an ideal opportunity to review the ongoing development of your business and not merely the fulfilment of a statutory obligation.
Audit Exempt Companies
Changes in legislation mean that certain small companies are exempt from the full audit requirement but still require statutory accounts to be filed at Companies House and accounts and tax computations to be submitted to the Inland Revenue. Thomas May & Co offer a whole range of services which you can select individually or as a whole.
The vast majority of limited companies, both private and public are required by law to prepare accounts and make them available for public inspection by filing them at Companies House. The format of these accounts is prescribed by the Companies Act.