Audit Services

Companies with an annual turnover of £5.6M are required to have a financial audit carried out.

Statutory Audit Services

Statutory or 'external' audit is often seen as a necessary evil rather than something that can add value to your business. At Wylie & Bisset we are working hard to overcome this notion by ensuring that we provide a first class audit service which not only satisfies the statutory requirements but offers pro-active business solutions. As you would expect from an accountancy and business advisory firm of the size and reputation of Wylie & Bisset, we provide an audit service at the highest technical level for all of our clients. We believe in a partner-lead service, which means that our client's service needs are satisfied on an ongoing basis by partners and senior staff rather than by more junior members of staff

The firm has a number of areas of specialism including:

 Our audit approach

We agree the audit timetable with clients in advance of the commencement of the audit so that all deadlines are met. Wylie & Bisset place strong emphasis on senior personnel planning the audit to ensure that the scope of the audit is fully understood before the fieldwork commences. We hold a formal planning meeting with our audit clients to agree the audit plan and to ensure the scope of the work is agreed in advance. We base our approach on identifying key areas which demand close attention and focus on these rather than those areas which do not require such detailed scrutiny. We start by obtaining an understanding of the entity's accounting systems and report any possible improvements to the systems through our annual audit management letter. The management letter will also include a review of the key points arising from the audit. As part of our service we hold a formal audit close out meeting to discuss the final draft of the statutory accounts. If required, we would also attend any Board or Committee meetings at which the accounts were to be discussed to explain any issues arising or to answer any questions.

Internal Audit Services

Internal auditors provide assurance to the Board of Directors and Senior Management on the effectiveness of the internal control systems operating within a business or organisation. The Wylie & Bisset internal audit service continuously reviews the efficiency and effectiveness of internal control and management systems and covers the following areas:

• Financial and probity audits on a planned basis to ensure total coverage over an agreed period. This relates to the soundness, adequacy and application of financial and other management controls;
• Reviews of a cost efficiency or Value for Money (VFM) nature;
• Investigative work into suspected irregularities or fraud;
• Advice and assistance on financial and related matters.

At Wylie & Bisset we believe that it is essential for a business's internal audit providers to liase and co-operate fully with the external audit team in order to maximise the benefit to the business from all the audit resources at its disposal. We have considerable experience of doing this successfully.