Audit services differ from accounts, in that they predominantly focus on producing a comprehensive evaluation that verifies compliance and achievement objectives throughout the different levels of a business’ operations.
An internal audit provides independent assurance that risk management, internal controls, and governance processes are both aligned and effective, whilst ascertaining any weaknesses and non-compliance in regard to laws and regulations. An external audit, meanwhile, provides an independent opinion on, and establishes the credibility of, an entrepreneurship’s financial statements. This helps to build confidence among shareholders and stakeholders, which may include banks, regulators, and trading partners, whilst also enabling organisation to develop systems of control that protect against fraud and regulatory non-compliance.
Global manufacturers of engine management technology, Haltech – based in Sydney, Australia – have been leaders in the industry since 1986. They export to over 50 countries around the world and have been the driving force behind many record-breaking race vehicles.
So, when they decided to open a standalone UK subsidiary – Haltech UK Limited – directors approached PKF Smith Cooper to utilise our unrivalled audit advisory support and local knowledge. For the vast majority of the process, a digitised audit and operational overview occurred, thus freeing up time for directors to identify aspirational goals and innovative routes to success in a different market.
“Racing car technology is progressing at lightning speed and companies like Haltech must innovate and continually challenge themselves to remain the leaders in this field. That is exactly what we have done with the new NEXUS R5 and we are delighted it has been recognised by our industry peers.”
Mark Bevan, Haltech CEO
Overcoming the challenges
Innovation – whether through products, services, or approach – is an essential facet of entrepreneurialism, and it’s important that this mindset is applied to every aspect of running a business.
The onset of the pandemic had the same effect on audits. Standard in-person audits had to be abandoned in favour of a greater reliance upon digital auditing software. Alongside these alterations in practice were additional adaptations required to meet deadlines, adhere to standards, and ensure compliance.
These adaptations consisted of employing collaborative platforms for internal and external meetings, a greater use of cloud computing software, and the development a PKF SC portal for clients to exchange sensitive and confidential information. Combined, they enhance efficiency, facilitate effective communication, and encourage the sharing of information.
Whilst initially for the purpose of maintaining compliance and aligning business aims throughout lockdowns, these more digitised measures reflect the future of enterprise. Thus, enacting such measures now will enable business entrepreneurs to remain ahead of the curve in terms of technology, streamlining their operations and leaving room for risk-taking ventures to achieve future objectives.
How PKF Smith Cooper can help you
Building an entrepreneurship can seem daunting, no matter what stage you are at with your business. As experts in developing risk-based, cost-effective audits for clients, we can objectively audit your internal operations, challenge existing methods in use, stimulate momentum for improvement, and inform top-level governance of our evaluations. Our process instils confidence in shareholders and stakeholders whilst encouraging transparency, with prior clients including corporations, academies, and charities.
When it comes to smaller businesses and start-ups looking to scale-up – both of whom tend to be exempt from regulatory audits – our audit team here at PKF Smith Cooper can advise on voluntary audits that help to prepare and insure the future of businesses.
To see how we can help, or to find out a little bit more about the services we offer, get in touch today.