Every business is unique and faces its own set of challenges. Our audit approach is tailored to each individual client and their business.
Warrener Stewart has an audit team of fifteen principals and professional staff serving clients throughout London, South East England and the rest of the UK. The team has substantial experience in dealing with all the compliance aspects of a large and growing client portfolio covering most, if not all, business sectors.
Our audit approach is tailored to each individual client and their business, allowing us to focus on specific areas of strategic importance, especially ones considered to be high risk. We work closely with you and your finance team throughout each stage of the audit, from planning through to sign-off to ensure you gain maximum value from the audit process.
Importantly, we make sure our audit teams take time to understand you and your business properly. Only by gaining a thorough understanding of your needs can we deliver a high-quality service, and exceptional insight into your business and its specific requirements.
Our Audit Approach
All Warrener Stewart audits are carried out in accordance with International Standards on Auditing (UK). Under those standards, our audit procedures are designed to enable us to express an opinion as to whether the financial statements are free from material misstatement and, if we do find any misstatement, whether it has been caused by error or fraud.
Our audit methodology consists of the following key steps:
The initial planning considerations, including risk assessments and control assessments, are used to tailor individual audit programmes to cover each specific area of your financial statements focussing on areas highlighted during our preliminary planning procedures.
Materiality is reviewed and recalculated during the closing stages of the audit in order to consider whether the initial level is appropriate, having regard to our other audit findings.
During this part of the audit, each individual financial statement area is subject to a series of audit tests, as designed at the audit planning stage. Throughout our detailed audit work we consider our overall plan and make amendments as necessary if our audit findings are outside our expectations.
Before we issue our audit opinion, the audit file is subject to reviews at manager and partner level. Based on the outcome of this detailed review, additional work may be required in order to satisfy ourselves on contentious or difficult audit areas and this would be communicated to management should it be necessary.
As part of our completion procedures, meetings are held with your management team in order to review the financial statements, discuss key audit findings and recommendations, and agree any recommendations arising from our detailed work.
Throughout the audit process we review the company’s systems and document its own risk and internal control environment. At the end of each audit assignment, we will make suggestions for areas in which a business might improve its systems, reduce its exposure to risk, and derive additional benefit from available financial information.