Due Diligence & Assurance
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If you are a medium or large sized company or LLP, an audit is required by law. Small companies can still choose to have an audit, or they can select to have an Assurance review. This is a relatively new option, that provides less assurance than an audit, but more than just an accountants’ report. Your accounts will be reviewed and if anything suggests that certain areas should be looked at in further detail, this will be done. An assurance review provides an opinion as to whether anything the reviewer has seen during their work suggests a problem with the financial statements.
An Assurance Review can be useful to small companies as it still shows users that an independent party has reviewed the accounts, but as less work is performed it will take up less of your time compared to an audit.
What is an Assurance Review?
During an assurance review a qualified accountant will review your accounts and investigate any areas of concern. This includes analysing changes from one year to the next and may include further testing of the underlying information if something comes up in the review that catches their attention. The accountant considers: does anything they have seen during the review suggest a problem in the financial statements that needs further checking to sort out? A conclusion is presented in a report which is appended to your financial statements so that everybody who reads them can see that an independent review has taken place.
If you are thinking of buying or investing in a business, its essential that every assumption and expectation is checked by experts. When you buy an asset or a company or invest in a major project you need as much detail about what you’re investing in as possible.
That’s where our financial due diligence team can help. They’ll analyse and validate every aspect of a pending acquisition, ensuring you understand exactly what you’re buying, and giving proactive advice to make sure you’re purchasing the right business at the right price.
Whether its Buy-side due diligence or Vendor due diligence, we can assist you with your next big move.
“We follow a simple principle laid out by our founders: It’s not about keeping up. It’s about staying ahead.”
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It’s our job to clear the way so you can focus on what inspired you to go into business in the first place.
Find out more about how Harold Sharp works, and how we can help you.