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Audit Services UK
When we talk about audit services, we mean the financial audit service statements by professional auditors. However, certain events and innovations are influencing auditing. Certainly, audit services are increasingly influenced by digital transformation, increased competition, and strict regulations. It is important but difficult to incorporate the necessary changes in-house. However, our pocket-friendly audit services can come to your rescue.
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Difference Between External and Internal Audit Services
Auditing is considered an important part of any business because it evaluates the organisation’s performance and actual financial position. This auditing can be done through your in-house auditing team or by outsourcing to a third-party audit service provider.
Auditing can be broadly divided into two parts internal and external audit. Let’s understand them broadly
Internal Audit
It can be described as a consulting activity to add value and improve organisation’s performance by making it more efficient. This way it helps in bringing more business and revenue and helps in making business decisions. Internal audit services are done by internal auditors who are contracted to work for you. They analyse your company’s work and prepare reports on the operations, finance, and management. These reports help in creating awareness about your business’s financial status.
External Audit
Authenticity of your financial statements and ensuring complete compliance with accounting practices in your company are the focus of external auditing. Under external audit services, an external auditor will check the accuracy of your financial statement and other reports and validate them. Once the checks are done by the external auditor an opinion is issued on the financial statements. It must be noted that external audits are done by third-party audit service providers like CoxHinkins who have no relations or stake in your company for the purpose of impartiality.
Why Choose Coxhinkins Auditing Services in the UK
Try out CoxHinkins’ professional financial auditing services to get access to CoxHinkin’s experienced auditors. Their experience will ensure your financial statements are compliant and transparent, showing your business’s actual financial position.
Our expertise is also in the following:
Comprehensive Statutory Audits
We ensure accuracy in your financial statements by doing statutory audits. By doing an accurate analysis of financial statements, we are helping you maintain compliance with all legal requirements
Adherence to International and Local Standards
Our audit procedures are aligned with International Financial Reporting Standards and UK Generally Accepted Accounting Practice. By following these standards, we have achieved global and local standards and cultivated trust among clients, regulatory bodies, and stakeholders.
Support for Foreign Companies in the UK
Our audit services are also open for foreign companies with offices based in the UK. We help them follow UK regulatory requirements and navigate complexities.
GAAP Reconciliation
We have also gained expertise in offering support for those who are transitioning between accounting frameworks. Whether you are transitioning to IFRS or GAAP, our experienced team will ensure a smooth transition.
What are the Benefits of Audit Services?
Our audit services have earned the trust of multiple businesses and we are confident that we will be your perfect partner. Multiple businesses have this trust on us due to the benefits we offer. These benefits are:
Enhanced Credibility
We can make your financial statements credible by doing an audit. Once it is audited, your stakeholders, lenders, and investors will gain confidence in their business.
Compliance Assurance
We simultaneously follow IFRS, UK GAAP, and local compliance requirements. This ensures that your financial reports meet the required standards and regulations, thus avoiding costly penalties and loss of reputation.
Support for Foreign Companies in the UK
Our audit services are also available for foreign companies with offices in the UK. We help them comply with UK regulatory requirements and navigate complexities.
Risk Identification
Sometimes, you may miss identifying risks that can be seen in your financial statements. Our experienced auditors can identify these risks and offer solutions before your business faces any challenge.
Strategic Insights
Our audits are not just limited to compliance; we also provide valuable information about your financial processes and control. In short, we are making information available so that you can make strategic decisions and boost your operational efficiency.
Our Audit Approach
At Coxhinkins, our audit approach goes beyond compliance—we focus on delivering valuable insights, risk mitigation, and operational efficiency to your business. We understand that every business is unique, and our tailor-made audit solutions ensure accuracy, transparency, and compliance with the latest UK regulations.
Our Structured Financial Audit Process
Understanding Your Business and Industry
We begin by gaining a deep understanding of your business model, financial processes, and industry-specific challenges. This allows us to customise our audit approach to align with your strategic goals.
Risk Assessment and Planning
Identifying key financial risks is crucial. Our audit experts perform a detailed risk assessment to focus on critical areas, ensuring an efficient and effective audit process.
Data Collection and Internal Control Evaluation
We analyse your financial records, assess internal controls, and highlight any gaps or weaknesses that might pose financial risks. Our goal is to help you improve financial integrity and operational efficiency.
Audit Execution and Financial Review
Our auditors perform in-depth testing, validation, and verification of financial statements to ensure compliance with UK GAAP, IFRS, and other regulatory frameworks. We maintain clear communication throughout the process.
Insights, Recommendations and Reporting
Beyond compliance, we provide a detailed audit report with actionable insights, helping you enhance financial management and business growth.
Post-Audit Support and Compliance Advisory
Our relationship doesn’t end with the audit report. We offer ongoing support, regulatory guidance, and financial advisory to keep your business compliant and future-ready.
Your Trusted Partner for Audit Services UK
CoxHinkins is not just offering to be your auditor; we would like to be your strategic partner by helping you with compliance, transparency, and financial excellence. We are also open to offering audit services to international companies operating in the UK. Our tailored audit services will meet all your exclusive requirements.
Frequently Asked Questions
The Financial Reporting Council (FRC) promotes transparency and integrity in business. It regulates auditors, accountants and actuaries and sets the UK's Corporate Governance and Stewardship Codes.
A registered auditor must perform an audit and comply with certain standards. An audit involves performing procedures on the numbers disclosed in the financial statements.
Requirements for an audit. The Companies Act 2006 states that a company's annual accounts for a financial year must be audited unless the company is exempt from audit (s475).
Every audit process is unique, but it is more or less consists of four stages: Planning, Fieldwork, Audit Report and Follow-up Review.
