We use our extensive company audit knowledge to provide a top quality service at an affordable cost
- Audit Exemption advice
- External Audit
- Identify improvements to your business
- Compliance with regulations
- Auditing of charities
- Minimum disruption to your business
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Russell & Co. Company Audit
As one of the leading accountancy firms in Cork, Russell & Co’s company audit team have been providing a comprehensive range of auditing services for over 40 years that has ensured our clients comply with all statutory obligations.
An external company audit is an unbiased examination of the financial accounts of a company by an independent third party. The purpose of this audit is to ensure compliance with regulations, underpin investor confidence and build platforms for the future. This requires the auditor to construct an accurate and fair impression in your financial statement and disclosures.
The expert team of company auditors at Russell & Co. verify that the accounts have been prepared to comply with Irish company law and generally accepted accounting standards.
Why our company audit team are the right fit for your business
Our approachable and hard-working auditing team are the best in Cork for two reasons:
With over 40 years’ experience our company audit team have helped a broad range of Irish companies from family-run establishments, start-ups and small Irish owned firms.
Our experience enables us to understand and evaluate your business in the manner that is most suitable for you. This enables us to carry out our work with a high level of quality in all our audits.
Our senior auditing staff have both the knowledge and expertise to guarantee an efficient compliant audit, which will cause minimum disruption to the day-to-day running of your business.
Russell & Co’s vigorous company audit process will identify the critical issues impacting on your business, allowing you to focus on the growth and development of your businesses.
When Russell & Co. carry out an audit, we do more than counting the numbers and ticking the boxes. On every audit, our team seeks to understand how management runs the business and manages risk. This identifies any audit risks immediately and provides a greater understanding of the full range of business risks you face.
Russell & Co’s audit team deliver professional insight to provide an invaluable safeguard in today’s complex economic environment. We provide an independent assessment of your company’s accounting and reporting practices and internal controls to reduce the risks of misstatement in the financial accounts.
Our auditing services are designed to ensure that every part of your organisation is fine-tuned. We aim to first understand our clients’ business in order to produce a genuinely independent and accurate picture of the company’s financial position. Our report assesses the weaknesses we observed during the process and outline procedures for improving the company. We help you strengthen every aspect of your business, from people to performance, systems to strategy, business plans to business resilience.
WHAT YOU RECEIVE FROM OUR COMPANY AUDIT SERVICE
Annual accounts and statutory audit are the core of our compliance services at Russell & Co.
We deliver a first-class service to our clients and our aim is to significantly improve your business performance by identifying and reducing risks, while also maximising growth opportunities.
When the company audit is complete a draft set of accounts and the financial report is sent to our clients including a balance sheet, an income statement, a statement of changes in equity, a cash flow statement, and notes comprising a summary of significant accounting policies and other explanatory notes.
We have a statutory responsibility to report to the members, whether, in our opinion, the financial statements give a true and fair view and whether they have been properly prepared in accordance with the Companies Act 2014.
As market leaders, we constantly pioneer to give our clients an intelligent, imaginative and resourceful service. Our experts analyse every aspect of our clients’ activities, providing real value to each of their businesses and underpinning investor confidence.
What is Audit Exemption?
An ‘Audit Exemption’ is awarded to small companies in Ireland when they meet specific criteria. The exemption means they are not required to carry out an external audit on their business for the financial year. The measure was introduced by the Company Act 2014 to make it easier for companies to operate.
At Russell & Co., we advise our clients to have annual audits as they are advantageous for the company. However, we understand that some companies may wish to use the Audit Exemption and have provided a list of the criteria a company must meet to be eligible for an audit exemption.
The criteria are set out in Companies Act 2014 which can be broken down into these 2 areas:
1. The company needs to be considered ‘small’:
To be closed as ‘small’ the company must meet at least two of the following three limits:
- Turnover is less than €8.3 Million for the year
- Assets are less then €4.4 Million at the end of its financial year.
- The average number of employees is less than 50 for the year.
2. Annual return filing:
The annual returns must have been filed on time with the Companies Registration Office and abridged accounts attached.
Why is External Auditing Important?
Carrying out external audits is important as the major risks companies face are identified and brought under control. When our team carry out external audits for clients, we work alongside them to identify and resolve any issues (actual or potential) that appear.
There are many advantages to completing an external audit including:
- external audits are tailored to the specific needs of your company
- provide an unbiased assessment of the organisation’s activities
- helps your company achieve its business objectives
You need an expert team of auditors that are highly skilled at carrying out external audits for small and medium sized Irish companies. We can provide an independent non-statutory audit that is tailored to meet your specific needs.Our external auditing experience enables us to provide more assurance, better advice on processes and controls, and greater anticipation of risks.
How does Auditing Help Businesses?
Auditing helps to identify what aspects of a business needs improvement. Auditing is essential for a company to move forward and continue growing. There is a misconception amongst company owners that an audit is a necessary evil and its purpose is to solely identify what is wrong with a company. We see auditing as an opportunity to do more for our clients.
Auditing is an opportunity to proactively consider matters such as weaknesses with your accounting system, improving the accounting practice of employees, improve tax planning and how to strengthen the credibility of the company’s financial records. Auditing needs to add value to a company by providing key insights which can be used to improve the business.
We feel it is necessary for an audit to go beyond evaluating the current state of affairs in a company. When a company audit is completed with Russell & Co., we go beyond basic legal and technical obligations.
What is compliance in auditing?
Compliance in auditing is ensuring that a company is meeting the rules and regulations as prescribed by the Company Act 2014. Creating a strong compliance and control structure is of huge importance as it reduces the risk of penalties due to tax compliance issues, provides independent credibility and avoids damage to a company’s reputation.
Company audit services should include working with clients to ensure they are fully compliant. As regulatory requirements in Ireland become increasing tighter, creating a strong compliance and control structure is an essential part of running a company. However, a lot of small to medium businesses are struggling to meet their compliance obligations. At Russell & Co., we have an in-depth understanding of the current regulation and are always happy to help.
We encourage our clients to meet their compliance issues with a productive and efficient attitude. If we identify a compliance issue, we raise the issue with our clients immediately as not to delay the problem which could result in more complex problems.
Auditing of charities
Current legislation states that every charity registered in the state must provide an Annual Report to the Charities Regulator. Russell & Co. has specialist expertise in the charities and not-for-profit sector. With charities subject to distinct accounting and taxation rules, employing a trusted partner that understands your precise requirements is vital.
Our auditing services for charities include:
- Specialist knowledge of this niche sector.
- Audit reporting which goes beyond the statutory requirements.
- We will identify your organisations restricted reserves and disclose them adequately.
Trust and confidence are crucial as a basis for ensuring a charities health and growth. There is an expectation on charities to operate transparently and discharge accountability. Russell & Co. work closely with our Not for Profit clients to build relationships and provide company auditing services to suit their needs.
WOULD YOU LIKE SOME EXPERT HELP?
Russell & Co’s robust auditing will identify problems early enabling your business to thrive going forward. We also supply a full range of Accountancy Services to assist your company including; starting your own business, liquidation accounting and company formation.