It's so much more than an audit
We foster an approach built on collaboration and strong personal relationships, whilst being resolutely focused on maintaining the necessary independence required to perform a robust audit.
Having used Haines Watts for many years we can attest to an extremely prompt and efficient delivery every month without fail often working to extremely tight deadlines which are met month in and month out.
There's been a seismic shift in the conversations surrounding audit over the past few years. Businesses now demand greater commercial insights, more in-depth understanding, and better analysis of the risks and opportunities in their financial systems and operations.
When it's time to review your auditor, make sure you pick a firm that will take the time to understand you and all your ambitions.
Our audit approach follows a tried and tested methodology, a timeline founded on what works for you, and constant communication to ensure the job goes to plan. We also actively seek feedback so that we can improve your experience.
Pre-audit meeting
Discuss key risk areas and controls
Agree on the audit process and timetable
Communicate our approach in our formal planning document
Understand accounting and reporting activities
Evaluate the design and implementation of controls
Test the operational effectiveness of selected controls
Assess control risk and risk of significant misstatement
Plan substantive testing procedures
Perform testing
Consider if audit evidence is appropriate and sufficient
Conclude on other accounting matters
4. Completion and Reporting
Perform completion procedures
Perform overall evaluation of the financial statements and disclosures
Form audit opinion
Presentation to the Board
The efficiency and effectiveness of our audits are based upon a practical, flexible and pragmatic approach to working with our clients.
Central to our audit approach is the planning and communication. We develop a detailed understanding of your organisation, your financial systems, your position and performance, and your expectations.
We assess the significant audit risks and focus our work in these key areas, applying the concept of materiality. We plan our work carefully so as to address the key areas and not waste effort on unimportant matters.
We ensure clear communication of the audit approach and requirements and discuss any issues that arise as they are identified. This ensures a ‘No Surprises’ approach and the timely resolution of reporting.
Technology
As a firm, we have invested a significant amount in technology to enhance both the audit process and our delivery of services. Our teams embrace the latest methodologies, utilising paperless audit files.
Our audit process is enhanced by the use of Inflo, enabling an efficient collaborative process between audit team and client, as well as more detailed data interrogation via data analysis and A.I.
Our clients have access to ‘My Haines Watts’ - a secure portal for online transfer of files, accounts, and audit documentation, enabling a flexible approach to remote working, should it be desired or necessary.
We strive for efficiency in the way we deliver our services. We will maximise the use of technology throughout the audit process. We continue to develop how we utilise technology, constantly looking at new products, the evolution of AI and best practices.
Planning and Communication
