Audit

Value Added Auditing Services

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Global Standards

The Friend Partnership audit practice services privately owned businesses and various other organisations not listed on the public markets. Our audit work is robust and transparent and is tailored to suit the client’s needs. Providing a greater depth process than other audit firms generally perform. We do not solely rely on materiality levels to determine the level of work in a specific area.

All audits are performed in line with the International Auditing Standards and relevant UK legal and regulatory requirements.

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Assessment of audit needs

The audit process commences with a full understanding of the client’s business affairs and accounting processes, including internal risk assessment and controls. This results in the development of an audit plan which informs our evaluation of the risk level of audit and materiality.

Acceptable audit assurance is achieved by a combination of testing the efficacy of management controls, rigorous analytical review procedures and detailed testing of transactions and balances. After assessing levels of risk, considering materiality, the reliance we can place on management controls and analytical review procedures, we are then able to make a decision on the extent/volume of our detailed testing.

Audit fieldwork

It is the firm’s policy to carry out the audit fieldwork at the client’s premises where requested. We believe this provides a better service for clients as it enables both client and audit staff to communicate in the most efficient and appropriate manner for the duration of the audit.

“No surprises” approach

We employ a “no surprises” approach to our audits. Our audit procedures prioritise the key risk areas to ensure that any problems we find will be relayed to you quickly.

We place great emphasis on final audit meetings with management and directors before finalisation of an audit and findings.