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Audit Services
What is Audit Services
When we talk about audit services, we mean auditing of financial statements by professional auditors. Auditing ensures that the financial statements are genuine and show the actual financial status in the given year. However, certain events and innovations are influencing auditing.
Certainly, audit services are increasingly influenced by digital transformation, increased competition, and strict regulations. It has become important for audit services to incorporate them to gain trust among clients and reputation in the market.
You can conduct auditing through an in-house expert or by hiring or outsourcing the work to an experienced auditing service provider like Cox Hinkins.
Certainly, audit services are increasingly influenced by digital transformation, increased competition, and strict regulations. It has become important for audit services to incorporate them to gain trust among clients and reputation in the market.
You can conduct auditing through an in-house expert or by hiring or outsourcing the work to an experienced auditing service provider like Cox Hinkins.
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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 Cox Hinkins who have no relations or stake in your company for the purpose of impartiality.
What Can Cox Hinkins Do for You?
If you are interested in external and internal audit services in the UK, try out CoxHinkins’ professional auditing services. Our experienced team of auditors will ensure your financial statements are not only compliant but also transparent, showing your company’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
International Financial Reporting Standards and UK Generally Accepted Accounting Practice are the two standards with which our audit procedures are aligned. By following these standards, we have achieved global and local standards and cultivated trust among clients, regulatory bodies, and stakeholders.
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.
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.
Your Trusted Partner for Audit Services UK
If you are searching for a reliable audit service in the UK then Cox Hinkins can become your trusted partner. We offer professional auditing services to multiple clients and they trust our partnership. The reasons behind this are the benefits we offer which are as follows.
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 follow the standards of IFRS, UK GAAP, and local compliance requirements simultaneously. This way we are making your financial reports meet the required standards and follow regulations, thus avoiding costly penalties and loss of reputation.
Risk Identification
Sometimes you may miss out on identifying risk which 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.
Meeting Your Unique Auditing Requirements
Cox Hinkins is not just offering to be your auditor but we would like to be your strategic partner by helping you in 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
