As an SME owner-director you need to know that you can trust the financial reports and statements which describe the performance of your business. An independent audit can do just that – giving you, as well as potential partners, investors or buyers, confidence in the accuracy of those figures. An Old Mill audit also includes a full review and assessment of your accounting processes and controls, providing you with even greater peace of mind.
What is an Old Mill Audit?
Old Mill can perform the external audit function for your business, providing reassurance on records, reports and financial statements. We can ensure that the information you receive is robust, reliable and transparent, enabling you to manage your business effectively day to day, and to plan for the future.
Using a risk-based approach to focus on key areas, we will make sure that your financial procedures and controls are sufficiently rigorous, and that your business complies with all necessary legislation.
How we can help
Our team will work closely with you to understand your business and your concerns, identify where systems can be improved, support you in implementing changes, and provide constructive, pragmatic and commercial advice.
Statutory Audits are those required by government, particularly for organisations such as banks and insurance companies; larger companies may also be subject to statutory audits, but most SMEs are exempt.
A Voluntary Audit is one undertaken by a business for its own benefit, providing an independent assessment of your financial statements, management and control, and gathering valuable information for management teams and potential investors.
An External Audit is an independent examination of the financial statements of your business, often carried out because the law requires it (ie as a statutory audit).
As a family business you tend to find yourself wearing a lot of hats, so it’s essential to have an adviser like Phil Mills who knows our industry and is a good sounding board. The move onto Xero was a massive transition for us as there’s a lot of paperwork generated because of the cheese sales and we needed to set up all the cost centres and systems. We can now pull the right information on a monthly basis to provide us with much better insights to be able to run the business.