How do company audits work?

Auditing is an absolute must for any company in the UK that is serious about growth and holding themselves to account.

They not only ensure that your company’s legal responsibilities are met, but also help you to plan ahead and build more effectively for the future.

audit guide

Whether statutory or non-statutory, the audit process involves several key stages, each meticulously carried out by independent, qualified auditors. This blog aims to unpack what is involved in a company audit, offering insight into its complexity and necessity.

Planning and Preparation

Understanding the Business

The initial phase of a company audit involves gaining a comprehensive understanding of the business, including its operational environment, industry-specific risks, and internal controls. Auditors assess the organisation’s structure, the markets in which it operates, and any regulatory requirements that may impact the financial statements.

Risk Assessment

Auditors conduct a thorough risk assessment to identify areas where financial statements might be susceptible to material misstatement, whether due to error or fraud. This evaluation informs the audit’s focus areas and the nature, timing, and extent of audit procedures.

Audit Strategy

Based on the understanding of the business and the risk assessment, auditors develop a company audits Glasgow strategy. This plan outlines the audit’s scope, including the significant areas to be examined, the audit methodology to be employed, and the resources required.

Execution

Testing of Controls

Auditors examine the organisation’s internal controls over financial reporting. This involves testing the effectiveness of controls designed to prevent or detect errors and fraud that could lead to material misstatements in the financial statements.

Substantive Procedures

Substantive procedures are direct tests of financial transactions and balances. These may include verification of selected transactions by examining supporting documents, physical inspection of assets, and analytical procedures that assess financial statement relationships and trends that may indicate potential misstatements.

Evaluation and Conclusion

Analysis of Findings

After completing the testing, auditors analyse their findings, considering the impact of any identified misstatements or control weaknesses on the financial statements and the audit opinion.

Discussion with Management

Auditors discuss any significant findings or issues with management, giving them an opportunity to provide further explanations or adjustments to the financial statements.

Audit Report

The culmination of the audit process is the audit report. This document contains the auditor’s opinion on whether the financial statements give a true and fair view of the organisation’s financial position and performance in accordance with applicable financial reporting frameworks, such as UK GAAP or IFRS as adopted by the UK.

Reporting to Stakeholders

The audit report is presented to the company’s stakeholders, usually via inclusion in the annual report. It provides stakeholders with an independent verification of the accuracy and fairness of the financial statements, enhancing the credibility and reliability of the financial information provided.

The company audit process in the UK is a comprehensive and detailed examination designed to ensure the integrity and transparency of financial reporting.

By adhering to rigorous standards and procedures, auditors play a vital role in maintaining trust in the financial markets and supporting informed decision-making by investors, creditors, and other stakeholders..

Why installing triple glazing is a must for modern homeowners

In a world where heating prices and the current environment crisis has made becoming more energy efficient more important than ever before, triple glazing is the latest revolutionary technology to hit the market.

Picking your windows is an incredibly important part of making your home a more thermally efficient place to be and whilst double glazing is now common place, you can benefit massively by making this additional upgrade.

Our triple glazing Advanced Group windows prices are highly competitive and with the very latest energy efficient technology built in offer exceptional long term savings and value for money.

window

Here are some of the reasons that it is highly recommended that all modern property owners invest in triple glazed windows for their homes.

Improved Thermal Efficiency

With three layers of glass separated by insulating chambers, triple glazing produces an unrivalled barrier against heat transmission. This leads in improved thermal efficiency, ensuring that indoor areas are pleasant all year.

As the world faces the problems of climate change, there is a greater need than ever for solutions that cut energy use and carbon footprints.

Triple glazing, which dramatically improves insulation, is critical to attaining these sustainability targets.

Doing your bit to fight climate change

With climatic patterns growing more irregular, homeowners are looking for solutions that can adapt to a variety of environmental situations.

The insulating benefits of triple glazing are not restricted to retaining warmth in colder areas; they also excel at keeping rooms cool in hot weather.

Because of this versatility, triple glazing is a versatile and future-proof alternative that can provide ideal comfort independent of external temperature swings.

Reduced Noise Pollution

As the urban world expands, so does the demand for effective noise-cancelling technologies. Triple glazing is a powerful sound insulator due to its several layers and modern technology.

It creates a peaceful interior environment by acting as a powerful noise barrier.

As our cities continue to develop and become more densely populated, the need for windows that contribute to a calmer living environment will definitely increase, making triple glazing an essential component of future urban life.

Long Term Savings

While triple glazing may need a greater initial expenditure than standard options, the long-term cost savings are a strong factor in its favour.

Improved insulation means less dependency on heating and cooling systems, resulting in cheaper energy expenditures over time. As households choose sustainability and financial prudency, triple glazing becomes a worthwhile investment in both environmental and economic aspects.

Meets all Environmental Restrictions

The global trend towards more demanding energy-efficient design requirements is impacting residential property development and remodelling.

Triple glazing conforms to these norms easily, meeting and frequently exceeding the objectives for sustainable construction practises.

As governments and regulatory agencies throughout the world strive for more environmentally friendly building practises, triple glazing is expected to become a common component in building regulations.

We are one of Scotland’s leading suppliers of triple glazing and would be delighted to answer any questions that you may have.

A short history of car tyres

Tyres, they keep us moving and get us from A to B. That is pretty much all most of us want or need to know about our tyres, but there is actually quite an interesting tale to tell about how tyres were invented and how they came to be the carefully designed pieces of performance equipment we use to this day.

We are one of the top mobile tyre fitting Glasgow companies, so it is fair to say we have done quite a lot of research into tyres and their background.

Who better then, to take you through the history of these vital pieces of rubber?

car tyres

To start our journey, we must go back not tens, not hundreds, but thousands of years to the invention of the wheel, not a bad invention as inventions go.

This took place in the Bronze age, over 5000 years ago but it was quite a few years after than when anything close to the tyres that we know today began to take shape.

In fact, it wasn’t until the 19th century, that the foundations were put in place for the rubber tyres of today to be manufactured thanks to the revolutionary work conducted by a Mr Thomas Hancock (yes that Hancock) and My Charles Goodyear (yes that goodyear).

These two individuals either side of the Atlantic conducted revolutionary work on rubber vulcanisation, turning the substance from a relatively useless substance into a compound that was both long-lasting and remarkably elastic.

By the late 19th century, this technology had spread far and wide with inventions as weird and wacky as wrapping rubber in leather to add an extra level of protection against Victorian potholes to the first pneumatic tyre, developed by a certain John Boyd Dunlop in 1888.

It was the combination of the first ever petrol car, introduced by Karl Benz, and Dunlop’s work on tyres, that really kicked the automobile industry into action and 1888 was the year we can truly say instigated the progression of vehicles and tyres towards what we have and use on a daily basis in 2023.

Tyre development proceeded at a rapid rate from this point forward, driven by key players such as the Michelin brothers who developed the detachable pneumatic tyre and the formation of major brands such as Goodyear.

In the early 20th century, the introduction of Radial tyres, offering improved performance and fuel efficiency, created a manufacturing process more closely resembling the modern one, and the vast majority of tyres used to this day are Radial in nature.

Nowadays, tyres are constantly being refined and optimised with efficiency, traction and performance in mind with a different tyre for almost every possible situation.

That said, these pioneers of the industry laid the foundations upon everything since has been built and have deservedly had their names immortalised by some of the leading tyre manufacturers who still continue to dominate the industry to this day including Goodyear, Michelin, Dunlop and many more besides.

Important Things People Forget when starting a company

Starting your very own company for the first time is a mammoth undertaking.

There are so many different things that you need to remember and a genius idea or business plan alone will only get you so far. Getting a business off the ground is one thing, but keeping it there and increasing the altitude is something else altogether.

So many businesses fall by the wayside because the people at the helm overlooked one detail or another and what first appeared as a minor issue soon escalated into something much worse.

We don’t want to see this happen to anyone, and especially not you, so we have put together a list of 4 of the most common things that people forget to arrange or take seriously enough in the excitement of starting their very own business.

business meeting
These are:

Pest Control

Finding your dream business premises is a wonderful feeling. Discovering a pest infestation inside is not.

One single pest problem is enough to bring any business crashing down, destroying their reputation in the community and alienating their target market.

This effect is even worse for start up businesses as they have no years of experience and reputation to fall back on.

If you work in the hospitality sector, pests are even more of a threat and can actually lead to your business being forced to close if the health inspector finds signs of pest activity.

One of the very first things that you should do when moving into a new commercial site is to arrange professional commercial pest control Liverpool with a qualified BPCA pest technician.

An ongoing pest control contract will involve regular visits from these professionals to ensure that issues do not arise in the first place and that their property is well proofed against pests of all sizes.

Marketing

A strong marketing strategy is the key to getting your business out there and securing the custom you need to grow. Offering the best service or products in the world is great but only matters if your customers know about them.

Thousands of companies are formed and fail every year and you need to stand out from the crowd in the best way possible.

Customer Service

That extra personal touch goes a long way in business and is the key to retaining customer loyalty and ensuring your customers are coming back for more time after time.

Nowadays, your online support must be as strong as your in-person and phone support, and it is essential there is always someone there to help when your customers need them.

Budgeting

At the start-up stage, you must keep complete control over your finances, down to the very last detail. Effective budgeting can make or break any business and you should always keep a little back in case of emergencies.

You should also be aware that new businesses are rarely profitable from the word go and you will likely need a reserve of money to cover initial expenditure before things really start taking off.

Is legal aid available in Scotland?

Everyone in Scotland, and across the civilised world, has the right to legal representation should they be charged or accused of a criminal offence.

Legal aid is a critical part of making this ideal a reality, making quality legal representation affordable and accessible to those who need it the most.

It is integral to the Scottish legal system and many top lawyers Scotland will offer legal aid support.

What is legal aid?

Legal aid is exactly what it sounds like, aid for those who need legal representation and wouldn’t otherwise be able to afford it.

It is only possible to get legal aid through solicitors who offer it. Some do not, but you would be surprised at just how many of the leading criminal lawyer do.

In order to qualify for legal aid, you will probably need to show evidence that you have no means to pay for it otherwise and that the situation you find yourself in is a serious one.

Bear in mind that you may have to pay a certain amount towards your legal costs even if you are eligible for legal aid, either now or in the future. This is not always the case but asking the question will help you to avoid any nasty surprises further down the line.

Legal aid applications must be made be a registered criminal or civil solicitor to the Scottish Legal Aid Board so you will still need to find a solicitor before applying.

Only individuals can be granted access to legal aid. If you are involved in a business dispute involving a company or a business partner it is extremely unlikely that you will qualify. The only exception to this may be if you are a partner in a company that is in conflict with all remaining partners.

What sort of cases will legal aid cover?

Legal aid may be available for those simply seeking legal advice from a solicitor, looking for information on their rights in a certain situation.

It can also be used to apply for assistance in negotiations or in ensuring that paperwork is filled correctly to avoid negative legal outcomes as a result of a misprint or missed deadline.

In terms of representation throughout an entire case, solicitors will sometimes be able to represent you via legal aid in civil or criminal cases.

Housing court cases are one of the biggest benefiters of legal aid support, assisting those who are facing mortgage or tenancy repossession and giving them the best possible chance of keeping their home.

Many people appearing in housing court are in incredibly difficult situations and legal aid provides a bright light in what can otherwise be a very dark time. Of course, being successful in your application for legal aid does not mean that you will be successful in court, but it does give you a fair shot.

Anyone who is involved in a matter of Scots law is eligible to apply for assistance and representation via legal aid, even if they don’t live in the country.

Is Botox safe to use?

Botox, a name taken from the bacterium Clostridium botulinum from which it is formed, is perhaps the most well known cosmetic treatment in the world.

It is used globally by those looking to reduce the signs of wrinkles and fine lines on their face and allowing users to roll back the years to a time when they had a more youthful appearance.

For those who are thinking about having a Botox treatment themselves, by far the biggest concern is the safety of the product. Widely considered as one of the safer cosmetic treatments on the market, Botox is the very first cosmetics that many people consider.

Even so, if it is indeed your first time entering the cosmetic world it is understandable that you might be a bit nervous about the process and want to learn more about the safety of Botox before you decide to proceed.

Before you start your search in earnest and begin to look up Botox Prices Glasgow or looking for your nearest clinic, read this article looking at the safety of Botox treatments in more detail and providing valuable insights into the Botox experience as a whole.

botox injection

What is Botox?

Botox is an injectable that temporarily paralyses the muscles in the nearby area, normally the face. This stops them from contracting and stops dynamic wrinkles from forming when you smile, laugh, or frown.

Most people use Botox to tackle issues such as crow’s feet or frown lines.

Is Botox safe?

Over the years, millions of people have had Botox treatments and very very few have ever experienced anything worse than a bit of redness or swelling around the injection site for a few days,

Research into Botox safety continues, but overall, Botox is considered impressively safe in the medical profession.

What can you do to make sure your treatment is as safe as possible?

Choose a skilled practitioner

Take the time to find a skin clinic with a healthcare practitioner who has a long and successful history of providing Botox treatments. This will increase the chances of a successful and stress free process.

Get a smaller dose

If this is your first time getting Botox and you are unsure how your body will react to the treatment, get the smallest possible dose, see how things go, and return for more in the future if desired.

Check for allergies

If you have any allergies whatsoever, mention them to your healthcare practitioner before you proceed with Botox. If they are as experienced as they should be after all your research they will ask for all this information anyway. If you have any concerns, consult with a doctor before having any form of cosmetic treatment, surgical or otherwise.

Make sure your cosmetic treatment is FDA approved

Never get a cosmetic treatment that is not FDA approved and verified as having undergone extensive testing. Luckily, Botox is one of the cosmetic treatments that has been authorised by the FDA for the longest period of time.

Do I need a Divorce Solicitor if we agree on everything?

Oracle Law Clarkston

Divorce is not uncommon and while unfortunate, it’s something many couples end up going through. There can be many causes for a divorce, but in some cases a separation is amicable and appears like it can be settled in a clean, clear, and fair manner. But in this case do you need a divorce solicitor?

In this article we’ll look at the benefits you can get from a divorce solicitor even in the case of an amicable

So, do I need a solicitor?

Speaking in the simplest possible terms you do not – there is no requirement for a solicitor whether you and your former partner agree or not. A solicitor is not a legal requirement.

However, there are very good reasons you should enlist the assistance of an experienced divorce solicitor even in an amicable separation.

Expert Advice on the Divorce Process

To put it simply, you are likely not going to be an expert in the various legal matters, laws, or legislation involved in a divorce. There is a lot to handle and attempting this as an amateur can easily lead to a disaster.

These are just some of the questions you are going to have to ask when organising a divorce,

  • Are you looking to have the house sold? Does your partner want to sell the house?
  • Do you know exactly what you are going to need?
  • Do you know what pensions you have – do you understand the schemes and how they work?
  • Do you know what the assets are present?
  • What income do you have? Do you know what your ex’s income is?
  • Who is responsible for the mortgage? Who will end up being responsible for it?

There is a lot to consider here.

Divorce is a complex legal matter and involves a lot of paperwork and discussion. There are factors like finances and children to consider – specifically, how are financial assets going to be divided, how are matrimonial assets going to be split up, and how is childcare going to be organised?

Making mistakes in this can result in serious problems in the future – as you may find that assets were split in an unfair manner after the divorce has gone through and as a result find yourself in an incredibly poor financial situation. Given how much is involved, it’s easy to miss out important details. This is obviously something you are eager to avoid!

These discussions also have the potential to turn what is at first an amicable divorce into something a lot more difficult and contentious. Disagreements are likely to emerge at some point and can easily spiral.

A divorce solicitor is an amazing help here because they can help you navigate an incredibly complex situation. They will be able to explain the process to you in detail, so you know exactly what is going on at every stage – ensuring you avoid any confusion or mistakes. This is, to put it lightly, invaluable.

Another benefit is that by clearing up the complexities of the divorce process a solicitor can help and ensure it remains an amicable process.

Speeding it Up

Divorce without a solicitor is likely to take a lot more time. As you’ll need to research the complex matters behind the law in depth to avoid making any errors or mistakes (as these will slow down the process, or worse, result in you getting a very poor deal.

What about going to court?

A divorce solicitor will mean it is more likely that you’ll be able to avoid going to court to get a fair settlement.

A good, experienced divorce solicitor always recognises that court is the last option for anyone and will work to avoid matters going to court. Instead, they will aim for an amicable arrangement and deal (and the best deal possible at that). This means you’ll be able to keep the issues you’re facing outside of court – and this can really help you avoid a very stressful experience.

In the case matters do proceed to court, it will be vital to have an experienced solicitor. A solicitor will represent you thoroughly and work to guarantee the best possible outcome.

If the Divorce becomes unamicable

For a variety of reasons, a divorce which initially appeared amicable and clear cut can become difficult.

In the case a divorce becomes difficult or contentious, and your ex becomes uncooperative, operating without a solicitor can be incredibly difficult and can seriously affect your ability to successfully manage the divorce – especially if your partner ceases communicating with you.

An Oracle Law Clarkston solicitor can communicate with your ex-spouse on your behalf which can massively ease up the process and ensure it continues as smoothly as possible.

What are the benefits of construction site security?

Construction-Security-Guard

Finding the ideal security solution for your construction site can be a nightmare, but Prime Secure are here to help.

Construction sites are hazardous places with working machinery, heavy materials, and a high risk of vandalism and theft.

Protecting both your staff and resources is vital to your success but why exactly is the type of security system you choose so important?

Security on construction sites is essential for several reasons.

1. Reducing Crime

Firstly, £800m a year is the estimated cost of vandalism and theft on construction sites across the UK, and since the Covid-19 pandemic began these statistics have only grown due to sites being left unattended for months at a time or operating at reduced capacity.

If you have to replace extensive materials or pay to repair vehicles or equipment it can quickly escalate the project’s expenditure and slash profits.

Installing security measures such as security guards and mobile CCTV towers can instantly reduce instances of criminal activity as many potential intruders will simply decide that your site is too much effort and move on to easier targets.

2. Tackling Crime

If criminals are not deterred by the security in place, then having the latest in security technology on site alongside a manned guarding presence can help you to detain intruders on site and alert the relevant law enforcement or to secure a conviction in the future.

At Prime Secure, all our CCTV towers come with HD 24/7 video recording, facial recognition, and low light technology that make it easy to identify individuals who are on your site without permission.

3. Dealing with Arson

Over 40% of fires on construction sites are caused intentionally, costing the UK construction industry as a whole upwards of £400m every year.

A fire on your site not only puts your staff at risk but can also lead to a loss of property and resources.

One of the best methods of protecting your site against arsonists is to secure the perimeter and the best way to do this is to act on the advice of trained security officers who will raise any concerns they have in their reports following routine patrols.

All Prime Secure’s officers are trained to notice any weaknesses near potential entry points and to recommend any changes you should make.

4. Improving Productivity Levels

Security systems not only monitor criminal activity but can also be used to observe day to day activity on your construction site.

When workers know that they are being observed they are likely to spend less time idle and put more effort into their designated tasks.

Not only will productivity improve through observation but staff who feel safe and comfortable in their work environment will be less distracted and perform better as a result.

This can reduce the time spent on each project and reduce manpower costs. CCTV systems can also be used to track resource management and check that materials and tools are being always used in the most productive places across your site.

5. Reduce insurance

A strong security system may result in lower insurance premiums as providers will be reassured that there is a lower risk of property damage they will need to pay out for.

If an incident does occur despite the prevention measures in place you will be able to prove that you were not liable to your insurance company.

If you don’t make any claims over a certain period of time, much more likely with an effective security system in place, then it is likely that your premiums will be reduced further in the coming years.

6. Resolve Conflicts

CCTV and other security measures will allow you to get a better picture of sensitive incidents such as staff conflict.

Construction sites can be high tension places and in the frantic melee of day-to-day activity it is easy for stories to become confused and taking the appropriate action can be difficult.

If you have recorded video footage of an event or one of your security guards was present at the time all doubt will be taken out of the situation and you will have all the details, you need to take fair and decisive decisions. 

All Prime Secure’s security staff have undergone extensive conflict resolution training so will be able to deescalate most workplace arguments before they become a serious issue.

Contact Prime Secure Today

Prime Secure has been providing SIA accredited professional security officers and the latest CCTV technology to construction sites for over 25 years and whatever your security needs are, we are here to help.

Call us today on 0345 88 88 333 and our experienced team will be delighted to tell you more.