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Audit Services in Ireland

Audit services in Ireland cover a wide range of financial accounting disciplines- from preparing small business accounts to conducting a financial statement analysis for the MNC’s.

Today’s financial reporting environment is receiving greater scrutiny than ever before. Businesses are often challenged to manage the complexity and change which comes with the adoption of new accounting standards and regulations. Auditing services have also been playing a huge part in business valuation. The underlying value of an audit is a means of maintaining the credibility of the business and, for few companies, the sustainability of its share price value over a long time. For a business owner, a professionally conducted auditing service is a vital business control. The appointed auditor must be able to assess the accounting systems, controls, and procedures, and suggest recommendation to improve the existing system of financial accounting, and reporting.

Types of Audit

The various types of audits calculated are as follows.

Statutory Audit

A statutory audit is a legally required review of the accuracy of a company’s financial statement and records. It helps to determine whether an organization is providing a fair and accurate representation of its financial position. With a few exceptions, a statutory audit and annual financial report are necessary for all the limited companies in Ireland. Under the Companies Act 2014, any incorporated entity which exceeds any two of the following criteria in the current or preceding financial year must have a statutory audit:

  • More than 50 employees
  • Turnover exceeding € 8.8 million
  • Balance sheet total exceeding € 4.4 million

Internal Audit

The primary aim of performing an internal audit is to ensure that systems and controls are in place which is appropriate to the nature of the business. The internal auditor must also check for the risks and challenges that the business may face in the near future. An internal audit often differs from a statutory audit in that it is usually focused on specific areas of a business´s operation.

Pension Audit

In today’s highly regulated pension market, trustees face increased pressure to maintain tight monitoring and regulatory controls. An auditor can help you in providing pension audits and make you remain fully up-to-date with the pension legislation in Ireland.

Why You Should Have Auditing Services in Ireland?

When an audit is completed in your company, it uncovers certain things about your company that you might not have known. Having an auditing service can help you see certain financial obligations that were occurring in your company that you might have overlooked. Here are the few reasons why you must have your company audited in Ireland.

  1. It will help in identifying poor accounting practices. It can be hard to see a few accounting errors unless you have an overall picture of the financial statements of the company, which can be possible with an audit
  2. It will help in improving tax planning and ensure that you and your company are ready for tax season and that you are leveraging tax write-offs and benefits as much as possible
  3. It can help in identifying problems and weaknesses with your accounting system allowing improvements to be made to eliminate these problems in the future or maybe find an error in payments that need to be corrected.
  4. It will strengthen the credibility of the company’s financial records. When you have documented information showing the success of your company over multiple years, then it will be easier to prove the financial security of the business.
  5. It will help in preventing frauds. Sometimes, in a company, it can be difficult to spot a fraudster just by looking at them. Hence an external auditor will examine the bookkeeping records without the filter of a personal relationship clouding their judgment.

When business owners understand the true benefits of an audit, they make it a point to have an independent auditor look at their books on a regular basis. Do you need help with auditing?

Our Services

We at Business Setup Worldwide offer the following audit in Ireland:

  • Auditing of financial statements for the purpose of rendering an opinion
  • Review of financial statements
  • Compilation of monthly, quarterly and annual financial statements
  • Preparation of forecasts, projections, and cash flow analysis

Feel free to contact us today to get your audit services in Ireland done the right way.