Audit Services

Experienced Auditors in Cardiff

With a team boasting many years of experience auditing companies of various sizes across diverse industry sectors, we’ve developed the confidence and expertise to provide audit services tailored uniquely to your business operations.

Harries Watkins & Jones Ltd is registered as auditors in the United Kingdom by the Association of Chartered Certified Accountants (ACCA), demonstrating our commitment to professional standards and quality control.

Regardless of the sector you operate in or how your business is structure, including owner managed businesses and public sector organisation, we are well equipped to handle any specialist audit requirements that may arise.

Typically, an audit can be a brief, stressful process causing uncertainty within a business, but it doesn’t have to be this way. Our specialist audit teams are trained to work unobtrusively within your premises, planning efficiently to understand how best to collaborate with you. This audit approach minimises disruption while maintaining focus on delivering exceptional client service.

Not only do we ensure compliance with the latest financial reporting and legislative requirements, but we also seek to provide assurance services that add long-term value to your business. Throughout the audit process, we identify material risks, offer valuable insights, and highlight opportunities that could enhance resilience and profitability.

We keep abreast of new legislative changes and the latest insights in financial reporting, advising you on how to update your systems and processes accordingly. Our commitment to cutting edge technology and data analytics supports a comprehensive understanding of your organisation, enabling informed decision making and building trust with your stakeholders.

What is an Audit?

An audit is a systematic and independent examination of financial statements, records, operations, and performance of a company for a defined purpose. Auditors conduct these detailed inspections to ascertain the accuracy and reliability of the information provided by businesses, primarily to ensure statutory compliance and build stakeholder confidence.

There are different types of audits:

• Internal Audit: Carried out mainly for the benefit of management to test internal controls and provide assurance reviews of systems and processes.

• External Audit: Performed by independent audit firms to verify the true and fair view of a company’s financial statements.

Harries Watkins Jones specialises in providing external audit services only.

Primary Goals:

• Assurance: Offering stakeholders confidence in the accuracy and transparency of financial reports.

• Compliance: Ensuring adherence to the Companies Act 2006 and other relevant regulations.

Audit Process includes:

1. Planning and risk assessment with professional scepticism.

2. Gathering and analysing audit evidence using data analytics.

3. Evaluation of the evidence with a focus on material risks.

4. Drawing conclusions and forming an audit opinion.

5. Reporting findings through a comprehensive audit report.

Auditors have a statutory role in reviewing and confirming the financial activities of companies required by UK law to be audited. They follow strict professional standards to maintain audit quality and integrity, providing a critical overview of a company’s financial practices that enhances governance and transparency. In the UK, high quality audits support capital markets by increasing investor confidence and accountability.

Different Types of Audit We Can Assist With

Audits are essential for ensuring compliance with regulations and accountability in financial practices. They can be categorised based on the organisation’s nature and regulatory requirements.

Statutory Company Audit

A statutory company audit is mandatory for certain companies under the Companies Act. It involves a thorough examination of financial statements, accounting records, and internal controls. This audit is conducted by qualified auditors to provide an opinion on whether the financial statements present a true and fair view of the company’s financial position and performance.

Charity Audits and Independent Examinations

Charities in the UK may require either audits or independent examinations depending on their income. Larger charities typically need a full audit to ensure compliance with charity law, while smaller charities may opt for an independent examination offering a level of assurance over financial management.

Solicitors Regulation Authority Accountants Report

Legal practices regulated by the Solicitors Regulation Authority (SRA) must comply with specific accounting rules. An SRA Accountants Report assesses the handling of client funds and ensures compliance with SRA standards. This report must be prepared by an authorised accountant and helps protect clients by providing assurance over financial controls.

Auditing Standards and Regulations

Auditors in Cardiff operate under stringent standards and regulations designed to ensure audit quality and reliability in financial reporting.

UK Generally Accepted Auditing Standards

The Financial Reporting Council (FRC) sets the UK auditing standards, including:

• Ethical Standards for Auditors: Mandating independence, integrity, and confidentiality.

• International Standards on Auditing (UK and Ireland): Comprehensive guidelines for audit practices and quality assurance.

Legal Obligations for Companies

Audit firms and the organisations they audit must comply with:

• Companies Act 2006: Defining auditor duties and annual audit requirements.

• Corporate Governance Code: While not legally binding, adherence is essential for listed companies to maintain transparency and accountability.

International Audit Frameworks

Auditors also consider international frameworks such as:

• International Financial Reporting Standards (IFRS): Ensuring global comparability and transparency in financial reporting.

• International Auditing and Assurance Standards Board (IAASB): Promoting globally recognised audit quality standards that support consistent and reliable audit outcomes.

What Happens During an Audit

During an audit, auditors methodically examine financial statements to provide an independent opinion on their truth and fairness. The process is systematic and includes various phases, from risk assessment to issuing detailed audit reports.

Risk Assessment Procedures

Auditors initially perform risk assessment procedures to identify areas of heightened risk of material misstatement in the financial statements. They carefully analyse the company’s industry, operations, and financial performance using tools such as:

• Analytical reviews

• Interviews with key personnel

• Observation of the organisation’s operations

Internal Control Evaluation

The evaluation of internal controls is crucial in determining the organisation’s risk of errors or fraud. Auditors examine controls over financial reporting by:

• Documenting understanding of the control environment

• Testing the operational effectiveness of key control activities

Substantive Testing Strategies

Substantive tests are conducted to validate the integrity of financial information. Auditors:

1. Inspect documentation supporting transactions

2. Verify balances by comparing them with external confirmations

3. Perform analytical procedures to ascertain plausibility

Audit Reports

Lastly, the auditors consolidate their findings and compose the audit report, a formal opinion on the financial statements’ accuracy and compliance with applicable standards.

Challenges Facing Auditors in Cardiff

Auditors confront a unique set of challenges. Staying abreast of changing regulations, preserving independence, and tackling financial crime are central to their role.

Evolving Regulatory Landscapes

Cardiff’s auditors must continuously adapt to shifting regulatory frameworks. With the UK’s evolving financial landscape post-Brexit, they face the challenge of interpreting new legislation. For example, the introduction of UK-specific Generally Accepted Accounting Practice (UK GAAP) requires auditors to update their knowledge and practices to ensure compliance.

Maintaining Independence and Objectivity

The principle of independence is crucial for auditors to uphold their credibility. Cardiff auditors must avoid conflicts of interest, which can arise from close relationships with clients. To maintain objectivity, they implement and follow strict ethical guidelines, such as those set by the Financial Reporting Council (FRC).

Addressing Fraud and Financial Crime

Auditors play a critical role in designing and recommending controls that help prevent future fraudulent activities and financial misconduct, thereby enhancing governance and stakeholder confidence.

Why Choose Harries Watkins Jones for Your Cardiff Audit Services?

Selecting Harries Watkins Jones as your auditing partner ensures access to top-tier professional services tailored to meet the unique needs of your business.

Qualified and Experienced Team

Harries Watkins Jones boasts a team of auditors who are not only qualified but also possess extensive experience across a broad range of industry sectors. Their credentials include recognised accounting qualifications from leading institutions, ensuring they provide a comprehensive understanding of your organisation.

• Audit Leaders: Each with a minimum of a decade in practice.

• Continual Training: Staying up-to-date with the latest financial regulations and audit quality standards.

Efficient and Collaborative Audit Approach

Efficiency and working collaboratively with clients are cornerstones of their service delivery. The firm utilises the latest audit techniques and cutting edge technology to streamline the audit process, reducing disruption to your operations while maintaining the highest standards of accuracy and compliance.

• Streamlined Processes: Minimising impact on your business.

• Advanced Technology and Data Analytics: Providing valuable insights and enhancing risk assessment.

Added Value and Transparency

Harries Watkins Jones is committed to delivering added value throughout the audit process. Their transparent pricing and tailored solutions ensure you receive a high quality audit that supports informed decision making and long term value.

• Transparent Pricing: No hidden costs.

• Tailored Services: Designed to meet your specific business requirements.

Contact Harries Watkins Jones Auditors Today

Harries Watkins Jones is a professional accounting firm based in Cardiff, offering a broad range of services to clients. In addition to audit services, we provide tailored solutions in accounting, tax, and business advisory to support your organisation’s growth.

We encourage potential clients to contact us directly via phone or email to schedule an initial consultation. Our team is committed to providing exceptional client service and responding promptly to enquiries.