An audit doesn’t need to be expensive!
We will work with you to reduce your audit fees. We have over forty years experience of auditing accounts and are registered under the ICAEW to conduct audits. Call us today for a quote and download our free guide here.
“How to successfully reduce your audit fees and save money”
Reducing the cost of your year end audit
If your business is required by law to have an annual audit then some fees are unavoidable, but by working closely with The Tuchbands audit team, you can keep unnecessary costs to a minimum.
In this article we look at some steps you can take to minimise the burden and keep the audit process as smooth as possible. Sound preparation and good communication are essential, and Tuchbands’ audit team can help you every step of the way. …
1. Hold a planning meeting
Well ahead of the company’s year end we can schedule a planning meeting with your Financial Director or Controller. This will enable our audit team to gain information about the year under review before we start: planning for the scope and focus of the audit before it begins will minimise the risk of unforeseen costs.
The planning process can include agreeing an audit timetable between all parties, while taking into account the availability of your key team members, to make sure that the process is as efficient as possible.
2. Provide the right information
Late changes to the audit are a common cause of increased costs, so it’s a good idea if you can provide a trial balance at the planning stage that is as final as possible. If you prepare statutory accounts, ensure these have been thoroughly checked and reviewed. Our experienced team will give you pointers about the information you can provide to reduce time and costs.
3. Save time and money with a comprehensive audit file
Ahead of our audit team’s fieldwork visit, your accountant should prepare a full audit file containing all necessary records and correspondence. The Tuchbands team will be able to provide a list of the information and documents that will be needed, enabling faster deadlines and reduced fees.
4. Communicate during fieldwork
Our team is friendly and approachable and will talk to you without all the jargon! If you and your key staff are available and on premises during the fieldwork, we’ll be on hand to resolve queries immediately.
5. Efficient follow-up
The Tuchbands team provides excellent communication channels, so if further queries arise after we have completed our review of the files, you can save time and money by talking to us and addressing them quickly. We’ll also help ensure the accounts are signed off as soon as possible after the final meeting, again minimising costs.
6. Plan for next year
At Tuchbands we’re always looking to add value to our clients’ businesses. After the accounts have been signed off, you can meet our team to discuss what worked well and identify any areas for improvement. Ironing out any problems in the process will help save even more costs next year, and beyond.
The audit may be a necessary evil, but by working with the Tuchbands team you can ensure that time and costs are kept to a minimum, allowing you to get on with growing your business.
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