Audit

Our Audit Services

Whether you need an audit because of a statutory or stakeholder requirement we are here to help.

In delivering your audit we focus on understanding your business and your key risks. We build on this understanding and our considerable experience of auditing clients across a range of sectors to ensure we add value to your business. This value is delivered through:

  • The provision of a robust and independent audit opinion;
  • The communication of feedback on systems and controls;
  • The involvement of our in-house specialists in the audit process where required;
  • Proactive accounting advice delivered in a practical and timely manner to ensure there are no surprises at the year-end; and
  • Through discussion and feedback on risk and business process.

We believe it is important to build a long-term relationship with our clients and the key to this is maintaining regular contact throughout the year.

You will benefit from our extensive experience of working with a broad range of clients including owner managed businesses, charities, public interest entities, large private companies and not for profit organisations. Our clients include organisations from a wide variety sectors including:

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How we can help you

A statutory or regulatory requirement
A limited company requires an audit unless it qualifies as a small company. The audit exemption test that a stand-alone company (ie one which is not a member of a group) must meet is, therefore, the definition of a small company. The company must meet these conditions taking account of the two-year rule, and also must not be “ineligible”.

Small company – qualifying conditions   

Turnover   Not more than £10.2m 
Balance sheet total (gross assets)   Not more than £5.1m
Number of employees   Not more than 50


Your company must have an audit if at any time in the financial year it has been:

  • A public company (unless it is dormant)
  • A subsidiary company (unless the Group qualifies for an exemption)
  • An authorised insurance company or carrying out insurance market activity
  • Involved in banking or issuing e-money or
  • A corporate body and its shares have been traded on a regulated market in a European state.

However not all organisations are registered companies and are instead formed under other legislations, for example, The Charities Act or the Pensions Act. There are different audit requirements for these organisations for example:

Charity – qualifying conditions   
Income   Not more than £500,000 
Assets   Not more than £3.25m


If the Charity meets one of these criteria, an audit is required.

There are other conditions for other organisations and Groups which we can assist with if these are relevant to your business.

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A Stakeholder Requirement
Although your business may not require an audit as a result of a regulatory requirement, you may choose to have the discipline of an annual audit to provide assurance on your financial statements for stakeholders, covenant compliance purposes or for other reasons.

We can assist you with this requirement and would be happy to outline our audit approach including reporting to management if this is of interest.

Our methodology for delivering a high quality, robust, independent and challenging audit process in full compliance with International Standards on Auditing (ISAs) can be broken down into three main stages:  

Planning
We invest significant time at the planning stage of the audit to ensure our approach is effectively tailored for your accounting and reporting requirements.  We will arrange a pre-audit meeting with you to discuss financial performance, changes in systems and procedures, significant developments or events as well as any unusual or complex transactions. We will also agree an outline reporting timetable and confirm details of information and documentation required for the audit and tax process.

Using our knowledge and understanding of your business and the sector in which you operate, we will identify and assess the risks that could lead to material misstatements in the financial statements.  Our risk assessment procedures will include discussions with management and analytical review of results.  Once the risks have been identified we develop an overall audit strategy and a detailed audit plan to address these risks.  The audit strategy and plan will be continually reassessed throughout the audit and adjusted to address any additional risks identified. 

Regular dialogue with you throughout the year means “no surprises” from either your or our perspective, making planning easier as issues arising can not only be discussed and resolved on a timely basis, but we will have a detailed understanding of the key opportunities and challenges you face.

Gathering Audit Evidence
Our objective is to obtain audit evidence to support our audit opinion.  This is obtained during our on-site fieldwork.  We will document and review systems and controls and if relevant will test the operating effectiveness of controls.

We will test transactions on a sample basis across all key areas of the business including revenue, expenses and payroll.  We will analytically review your financial information to obtain explanations and evidence to support our audit opinion.  We will review draft statutory accounts and disclosures to ensure compliance with all relevant accounting requirements.

Manager and Partner reviews are a key part of our process and help to ensure the quality of our audits and will be performed on a timely basis to avoid last minute information requests and ensure early resolution of any issues raised.

We plan and perform our audit to be able to provide reasonable assurance that the financial statements are free from material misstatement and give a true and fair view. 

Completion & Reporting
We will work with you to ensure that the statutory financial statements meet all legal and regulatory requirements.  At the end of the audit we will meet with management to discuss the results of the audit and review the draft financial statements.  At this meeting we will have the opportunity to discuss with you the audit findings which may include:

  • Technical accounting matters;
  • Identified weaknesses in systems and controls and recommendations for improvements (including commentary on progress in meeting recommendations);
  • Feedback on the draft financial statements, including qualitative considerations;
  • Feedback on operational issues; and
  • Updates on sector developments, including forthcoming changes in both the financial and regulatory reporting framework.

As part of the audit process we will review your financial statements to ensure they comply with the requirements of current accounting standards and practice.

In the UK the accounting standards that apply to the preparation of financial statements include:

  • FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland
  • IFRS - International Financial Report Standards

Statements of Recommend Practice:

  • Charities SORP (FRS 102)
  • Housing SORP (FRS 102)
  • Accounting for LLP’s
  • Pension Schemes

Useful links:


Meet some of our Audit team



Stephen  Hughes

Stephen Hughes
Partner & Head of Audit
s.hughes@frenchduncan.co.uk
0141 221 2984

Stephen  Hughes

Stephen Hughes

Partner & Head of Audit

BA CA

LinkedIn Logo


0141 221 2984

s.hughes@frenchduncan.co.uk


Specialisms include...

Having joined the firm as a CA trainee in 1989, Stephen enjoyed a varied career in his early years, gaining valuable experience in audit, accountancy, tax and also business recovery. Thereafter focussing on audit and accounts, Stephen progressed to partner level in 2000.

Over the years Stephen has advised companies and individuals across a variety of business sectors, from traditional to new technology and sciences, in the UK and in as far flung places as Singapore and Afghanistan.

Although an audit and accounts partner, Stephen’s focus on working closely with owner-managed businesses means that he is regularly involved in providing business and commercial advice on a range of topics. His experience extends across a range of sectors and business structures, from partnerships to international groups.

Stephen is also head of FD Healthcare and is considered to be one of the leading accountants providing advice to the Scottish healthcare sector.

Stephen is focussed on delivering the best possible service to his clients and does so with a commercial and pragmatic approach to business. He is a team player with a friendly and relaxed business style.

Tony  Sinclair

Tony Sinclair
Partner
t.sinclair@frenchduncan.co.uk
0141 221 2984

Tony  Sinclair

Tony Sinclair

Partner

BAcc CA

LinkedIn Logo


0141 221 2984

t.sinclair@frenchduncan.co.uk


Specialisms include...

Tony trained and qualified with one of the Big Four and, following his move to French Duncan, was quickly promoted to partner. He has been with the firm for 25 years and has seen the growth of our client base, services and expertise.

Tony’s core skill is in audit and assurance and he provides business advice to a broad range of clients. He is responsible for ensuring our audit services comply with regulations and that audit continues to be useful and relevant for clients. He specialises in the charity, Housing Association and pension sectors.

Tony ensures the services provided remain relevant and advice given is practical and easily understood. He has an indepth knowledge of his clients’ sectors, which means they can use him as a sounding board to discuss issues, share ideas and help shape policies and procedures. Above all, Tony helps clients achieve their objectives and maintain strong financial management.

John Anderson

John Anderson
Partner
j.anderson@frenchduncan.co.uk
0141 221 2984

John Anderson

John Anderson

Partner

BAcc CA

LinkedIn Logo


0141 221 2984

j.anderson@frenchduncan.co.uk


Specialisms include...

John has been a Partner in French Duncan since 2005 following its merger with O’Sullivan Cleary, where he had worked since 2000. Prior to then, John was Manager of the Business Services group in the Glasgow office of Grant Thornton.

John delivers accountancy, taxation and other business advisory services to clients ranging from private individuals to companies with seven plus figure turnovers over a diverse range of sectors including the third sector. 

In his role as an Entrepreneurial Services partner, John looks beyond the client’s business to help the owner/managers with their financial affairs. This is done during the lifetime of the business; when the owner/managers are preparing to exit the business and; when planning for life after business. Helping clients is largely based around dealing with accounting and tax compliance. Value is added through management reporting and other advisory services which businesses without any in-house financial expertise need either when starting up; growing and developing or; trying to maintain financial stability in recessionary times.

Nicola MacLennan

Nicola MacLennan
Partner
n.maclennan@frenchduncan.co.uk
0141 221 2984

Nicola MacLennan

Nicola MacLennan

Partner

BA CA

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0141 221 2984

n.maclennan@frenchduncan.co.uk


Specialisms include...

Nicola originally joined the firm as a CA trainee in 1999, gaining valuable experience in audit, accountancy and tax, together with her CA qualification. Post qualification she spent sixteen years working for two top ten firms, spending nine years in the central belt of Scotland, with a further three years in Dublin, and four years in Aberdeen. She re-joined French Duncan in January 2019 as Audit Partner.

Nicola has substantial experience in privately owned companies, listed companies and large corporate groups, based both in the UK, Ireland, and internationally. Her experience extends to businesses operating in the construction, technology, food and drink, retail, leisure, and manufacturing sectors, and the knowledge she has amassed in audit and assurance allows her to be instrumental in the delivery of high quality audits.

Having worked in professional practice all of her career, and with a wide variety of clients, Nicola continues to enjoy understanding each business she works with, and the challenges they face. Taking the time to understand her clients provides her with a detailed understanding of the business issues they face, and allows her to use her breadth of experience to focus on delivering value to her clients with a practical and commercial approach.

Tommy Bates

Tommy Bates
Audit Director
t.bates@frenchduncan.co.uk
0141 221 2984

Tommy Bates

Tommy Bates

Audit Director

BA(Hons) CA

LinkedIn Logo


0141 221 2984

t.bates@frenchduncan.co.uk


Specialisms include...

Tommy qualified as Chartered Accountant in 1991 with a top national accountancy firm. Having gained broad general practice experience, Tommy joined French Duncan in 2001 and, since then, has progressed to the role of audit manager within the Glasgow office.

Tommy has experience across a number of sectors, working with a range of clients from small and medium sized enterprises and owner-managed businesses to large and listed clients. This includes working with clients operating within the property, manufacturing, hotel and leisure and distribution sectors.

Tommy maintains a close working relationship with his clients, providing practical support and advice and ensuring all statutory reporting requirements are met.

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