Audit

Our comprehensive and non-invasive audit service results in a leaner, faster business. While meeting the demands of compliance, we use your audit results to recommend ‘real life’ solutions and improvements to help your business run more efficiently and improve the bottom line.

What is an audit? The process
Are you exempt? Benefits

Our Expertise

We’re unique for the diverse range of audit services we provide. Including in two highly specialised sectors:

Charity audits PIE audits

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Macalvins Chartered Accountants, Tax & Business Advisers | Harrow, Mayfair, London

What is an audit?

The annual audit is a legal requirement for most established businesses. During the process, a qualified auditor will undertake an independent inspection of your accounts and finances to check for errors or inconsistencies.

The process

But an audit also serves a different purpose.

Alongside filling a statutory requirement, an audit provides deep, independent insights into your business. This enables us to manage ongoing problems, predict future issues and overcome challenges.

This service isn’t an added ‘extra’ – it’s included as part of every audit undertaken by Macalvins as part of our mission to improve your business.

Are you exempt?

The annual audit is a statutory requirement for businesses who meet the revenue threshold. As of January 2020, you may qualify for an audit exemption if it has at least two 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.

The benefits

An audit can provide a high level of assurance that financial statements are as accurate as possible and free of errors. Typically, an audit will include an assessment of systems and internal controls, as well as detailed testing of transactions and balances. The audit process provides:

  • Reassurance for shareholders
  • Management with ideas for improving systems and controls
  • More accuracy in financial reporting and decision making

Audit for charities

Statutory thresholds determine the type of external scrutiny needed for a charity’s accounts. This can range from a full audit undertaken by a registered auditor to an independent examination by a non-accountant.

For more information about the threshold requirements, click here.

If your charity requires accounting, audit or assurance support, get in touch with our expert team.

Public Interest Entity (PIE) audits

PIEs are entities that are of significant public relevance due to the nature of their business, size, or corporate status.  This means that a broad range of stakeholders, including investors, creditors, and the public rely on the transparent and unblemished financial information of these entities.

Because these businesses are subject to more stringent regulations, they require accredited and qualified auditors, like Macalvins.

If you require audit support, get in touch with our expert team.

Why Macalvins? 

Macalvins was awarded the right to perform PIE audits in 2023. As a smaller firm, we can offer a more personalised service to our clients whilst still upholding the highest standards of care and diligence.  

Our pricing is competitive, and we aim to provide a service that is focused solely on delivering a high-quality and insightful audit report.  

Our trained PIE auditors perform thorough audits of your business that comply with the latest accounting standards and provide deep, independent analysis of your finances.  

To find out more, get in touch.