Audit and Accountancy
We are authorised by the Chartered Accountants Ireland to audit limited companies in the Republic of Ireland and in the United Kingdom. Statutory audit can be extended to include risk assessment, systems audit, IT review etc. As well as carrying out the statutory function we endeavour to add value to all of our audits in making recommendations for improvements to accounting systems and to provide better quality management information.
Thankfully many limited companies are now exempt from statutory audit. If a limited company is late in filing its annual return it cannot avail of the audit exemption and must have a statutory audit. Some companies albeit they are exempt choose to have an audit in order to satisfy bank lending requirements or regulatory bodies. We act as auditors for many companies and groups and always endeavour to complete their audits in a timely and efficient basis. The audit of accounts also offers assurance where outside shareholders/investors are involved in a company.
All businesses need to prepare accounts on either an annual or a more frequent basis. As an established firm of chartered accountants we offer a practical service be it for your tax return, loan application or management accounting purposes. Regular preparation of accounts and analysis of the results thereof is a key feature in assisting clients to grow their business.
All businesses, sole traders, limited companies and partnerships are obliged by the Revenue Commissioners to prepare annual accounts. Limited companies must file annual accounts with the Companies Registration Office. The level of detail in the accounts depends on the size of the business. We recommend that annual accounts should be prepared on a timely basis so that if any action is required it is brought to the attention of the business owners at the earliest opportunity.
There is no legal or tax requirement to prepare monthly accounts however many businesses do so in order to monitor the performance of the business and to ensure they are on target in regard to budgets, projections etc. In some instances where the company has bank borrowings the bank may insist on the production and submission of monthly management accounts to ensure that the business is on target etc. We assist many businesses in the preparation of monthly management accounts.