Based on the requirements of the Companies Act an Independent Review could be compulsory for your business.
Real Time Insights: Does my Company need an Independent Review?
Why does my business need an Independent Review?
- Based on the requirements of the Companies Act an Independent Review could be compulsory for your business.
- Even if it is not compulsory it is highly recommended that most medium-sized entities undergo an Independent Review.
- An Independent Review provides an additional layer of credibility to your Financial Statements, especially when third parties review them (for example your Funders, Banks, and Customers).
What value do I get from an Independent Review (IR)?
- An IR provides a refreshed point of view on your entity’s financial statements, due to advanced analytical testing and procedures, which may result in some new insights.
- These insights include:
- the enhancement of internal controls
- the improvement of retaining supporting documentation
- suggestions on more appropriate disclosures or non-compliance with some laws and regulations
- potential restructuring opportunities
- When the IR is finalised, an Independent Reviewer’s report is issued with your financial statements, which gives the user a higher level of comfort.
- We also provide a Report to Management for your internal use, containing our findings. Here, we list the possible risks involved and provide suggestions on how to address them. This ensures that a more robust internal control environment is developed with an escalated focus on enhanced compliance.
Contact us now for a no-obligation quote and see how we can add value to your business.
This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your adviser for specific and detailed advice. Errors and omissions excepted (E&OE).