Ormsby & Rhodes
A requirement of the Company’s Act is that, with certain exceptions, every company must have its annual accounts audited. Most Companies view the annual audit as little more than a statutory requirement. At Ormsby & Rhodes we believe that properly carried out, the audit is not a burden but can lead to tangible benefits for the company. The purpose of this approach is to give our clients positive feedback from compliance with a statutory requirement.
We undertake a wide range of accounting and audit assignments from small business through to larger enterprises and groups including:
Our audit department is also involved in preparing financial statements for companies which do not require an audit. It provides a quality and personal service aimed at helping you to understand financial information so that you are more informed when making decisions. We also add value to your business by reviewing your accounting systems and the control measures you currently use. We then recommend ways to improve internal controls and procedures.
Staff in the audit department are highly trained and qualified. Partners and managers are always readily available throughout the year to discuss potential issues as and when they arise. This ensures that all issues can be satisfactorily addressed before the audit.
Audit requirement removed for some small companies
The Companies (Amendment) (No 2) Act 1999 provided for an exemption from the statutory audit requirement for certain small private limited companies. This came into effect on 21 February 2000.
As a result of these, accounts will continue to be required to be annexed to the annual returns and to be filed with the Registrar of Companies but they will be signed and certified by directors only.
The exemption is not retrospective and applies to companies in respect of financial years commencing after 21 February 2000.