Auditing Of Accounts

[northernladuk]

My accountant has just completed my annual ltd company and personal tax returns. This has led me to wonder whether anybody has their accounts audited, to make sure that everything is done correctly and any tax savings areas are maximised ? Appreciate we pay these accountants as experts to do this but mistakes can happen.

I would be interested in hearing anyone's thoughts in this respect.

Do any of the helpful accountant providers on here offer a one off external auditing service ?

My first question is... Have you gone over them with a fine toothed comb, understood what they have done and why? Ultimately it is your responsibility as you sign for them. They are not complicated and should be easy to work through and spot most mistakes they can make. Go through them, ring them up and go through any numbers you don't understand. Sign them once you are satisfied.

[Andrew@Wisteria]

My accountant has just completed my annual ltd company and personal tax returns. This has led me to wonder whether anybody has their accounts audited, to make sure that everything is done correctly and any tax savings areas are maximised ? Appreciate we pay these accountants as experts to do this but mistakes can happen.

I would be interested in hearing anyone's thoughts in this respect.

Do any of the helpful accountant providers on here offer a one off external auditing service ?

Strictly speaking your are after a review - I would want an accountant to review their own work - 'Yes the advice I previously gave you was correct!' Ultimately, you need to be able trust your accountant to do the best for you - if you think not, query there calculations (you are paying for their service after all!) - if still not satisfied then you can also take your hard earned cash somewhere else!

[Craig at Nixon Williams]

An audit will check the integrity of the data underlying the accounts, it won't help re tax advice and making sure you're optimising your allowances etc.

If you wanted an audit you'd need a registered Auditor, which many accountants don't bother with, and it's likely to cost you a couple thousand in fees (depending on the quality and quantity of your records).

You'd be better off just asking your accountant for a thorough review, which they may do for free depending on how much time is involved - but probably not in late December & January as it's tax return season!

+1 on what Clare has said. An auditors job is not to identify tax savings but is to give an opinion on whether the accounts accurately reflect the company's position.

[Clare@InTouch]

An audit will check the integrity of the data underlying the accounts, it won't help re tax advice and making sure you're optimising your allowances etc.

If you wanted an audit you'd need a registered Auditor, which many accountants don't bother with, and it's likely to cost you a couple thousand in fees (depending on the quality and quantity of your records).

You'd be better off just asking your accountant for a thorough review, which they may do for free depending on how much time is involved - but probably not in late December & January as it's tax return season!

[kaiser78]

My accountant has just completed my annual ltd company and personal tax returns. This has led me to wonder whether anybody has their accounts audited, to make sure that everything is done correctly and any tax savings areas are maximised ? Appreciate we pay these accountants as experts to do this but mistakes can happen.

I would be interested in hearing anyone's thoughts in this respect.

Do any of the helpful accountant providers on here offer a one off external auditing service ?