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Office open Monday to Friday, 8:30 to 17:30 (sample)

(555) 018-4400

[email protected]

Every figure, checked to its source

Calder Row Partners (sample) audits and reviews the accounts of companies, charities and co-operatives in Springfield, and advises owners on cash flow and controls. The green marks on our working papers show what was checked, and how.

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Compare the levels of work

Lead schedule B
Current assets at 31 December, in dollars (sample)

Line

This year

Last year

Marks

Cash at bank

182,460

141,905

CT

Trade receivables

96,310

88,742

CVE1

Inventory

64,075

70,120

OV

Prepayments

8,940

7,615

VA

Total current assets

351,785

308,382

F

E1 One sales invoice of $1,240 dated 3 January had been counted in December sales. The client has corrected it (sample).

C Confirmed balance agreed to a letter we received direct from the bank or customer

T Traced agreed to the general ledger and the trial balance

V Vouched checked to an invoice, contract or receipt for a sample of items

O Observed we attended the year-end stock count and recounted a sample

A Analysed movement on last year compared and explained

F Footed column re-added; total agrees

Compilation, review or audit

The same four figures, three levels of work. The marks show what each one checks, and so how far others can rely on it.

Compilation

Assurance: none

Cash at bank

182,460

 

Trade receivables

96,310

 

Inventory

64,075

 

Total

351,785

 

No marks: we put your figures together and do not check them.

We prepare the accounts from your records. Useful for owners and small lenders who need tidy figures, not a check of them.

You receive

Accountants’ report

Fee from

$1,600

Review

Assurance: limited

Cash at bank

182,460

A

Trade receivables

96,310

AI

Inventory

64,075

AI

Total

351,785

A

We compare the figures with last year and with what we know of the business, and ask about anything unusual.

You receive

Review report

Fee from

$4,800

About the review

Audit

Assurance: reasonable

Cash at bank

182,460

CT

Trade receivables

96,310

CV

Inventory

64,075

OV

Total

351,785

F

We test the figures against evidence from outside the business: bank letters, invoices, the stock count.

You receive

Auditor’s report

Fee from

$9,500

About the audit

Example prices for a company with a turnover under $5m. Figures (sample).

Audit, assurance and advice

Assurance work carries our marks and a signed report. Advisory work is advice: it helps you decide, and says so.

Statutory audit

About statutory audit

An independent opinion on your annual accounts, tested against evidence from outside the business.

Who asks for it

The law, shareholders, a lender

Marks

CTVOF

from $9,500

Review engagement

About review engagement

Analysis and questions instead of testing: less work than an audit, and a lighter report to match.

Who asks for it

A lender, a franchisor, a board

Marks

AI

from $4,800

Agreed-upon procedures

About agreed-upon procedures

Only the checks you and the reader agree, such as how a grant was spent, reported as facts found.

Who asks for it

A funder, a landlord, a franchisor

Marks

CTV

from $1,800

Cash-flow forecasts

About cash-flow forecasts

A 13-week and a 12-month forecast built with you, with the assumptions written down.

Who asks for it

Your bank, your board, you

Marks

Advice, not assurance

from $2,400

Internal controls

About internal controls

A walk through how money comes in and goes out, with a short list of gaps and fixes.

Who asks for it

A board, an audit committee

Marks

Advice, not assurance

from $3,600

Due diligence

About due diligence

The accounts, the cash and the contracts of a business you plan to buy, read before you sign.

Who asks for it

You, before you sign

Marks

Advice, not assurance

from $7,500

Example prices. The fee for your work is in the engagement letter you sign.

Two colleagues going through printed pages together at an office desk

Who we work with

Most of our clients come to us because someone else needs to rely on their figures.

Companies with a lender

Owner-managed businesses whose bank asks for reviewed or audited accounts.

Companies over the audit threshold

Groups and subsidiaries that need a statutory audit every year.

Charities, co-ops and funded projects

Annual audits and grant reports for treasurers and boards.

Buyers and investors

Due diligence on a business before the price is agreed.

The audit year, in six stages

For a December year end. Most of the work is planned before the year closes, so the weeks after it are short.

1

8 weeks before year end

Planning meeting

We meet your finance team, agree the timetable and send the list of what to prepare.

2

4 weeks before

Interim visit

We walk through your systems and test controls, so less is left for after the year end.

3

Year end

Stock count

We attend the count, recount a sample and note the last delivery notes in and out.

4

6 to 8 weeks after

Fieldwork

Two to ten days on site or remote, testing the figures in the lead schedules.

5

9 weeks after

Clearance meeting

We go through every point we found with you, and what changes in the accounts.

6

10 to 12 weeks after

Signed report

Your board approves the accounts; we sign the report the same day.

Fees, fixed in the engagement letter

We quote from your last accounts and a short call. The fee and the timetable go into the engagement letter before any work starts.

Statutory audit, turnover under $5m

from $9,500

Statutory audit, turnover $5m to $25m

from $16,000

Charity or co-op audit

from $6,200

Review engagement

from $4,800

Agreed-upon procedures for a grant report

from $1,800

13-week cash-flow forecast

from $2,400

Internal controls review

from $3,600

Example prices.

Included

  • Planning meeting and the list of what to prepare
  • The clearance meeting with your board
  • A management letter on the controls we tested

Quoted separately

  • Records that are not ready on the agreed date
  • Extra sites or stock counts
  • Reports for a second reader, such as a new lender

What we ask you to prepare

Auditors call it the PBC list: prepared by client. You get it at the planning meeting, with a date against each item.

From your finance system

  • Trial balance and general ledger at the year end
  • Bank statements and reconciliations for every account
  • Aged lists of what customers owe and what you owe
  • Stock sheets from the count, signed
  • Fixed asset register with additions and disposals

From the files

  • Board minutes for the year
  • New loans, leases and major contracts
  • Payroll reports and year-end forms
  • Letters from lenders, funders or regulators
  • Last year's signed accounts
A stack of thick ring binders full of paper on an office shelf

Questions finance managers ask us

Do we need an audit?

It depends on your size, your legal form and who is asking. Many companies need one only when a lender or funder requires it. Send us the request and your last accounts and we will say which work fits.

What is the difference between a review and an audit?

A review relies on analysis and questions and gives limited assurance. An audit tests the figures against outside evidence and gives reasonable assurance. Neither is a guarantee that the accounts are free of error.

How long does an audit take?

For a December year end, planning starts in October and the report is usually signed 10 to 12 weeks after the year end. Most of the time depends on when your records are ready.

Can you keep our books as well as audit them?

Not for the same year. To stay independent we do not prepare the figures we then audit. We can recommend a bookkeeper, or advise on forecasts and controls.

What happens if you find a mistake?

We show it to you at the clearance meeting with the evidence. Most differences are corrected in the accounts before they are signed.

Can we change auditors mid-year?

Yes. We write to your current auditor for their working papers with your permission, and plan the first year around what they hand over.

Briefings

All briefings

The office on Calder Row

18 Calder Row, Springfield (sample)
Second floor, lift from the courtyard entrance

Monday to Friday

8:30–17:30

Fieldwork weeks, February to April

8:00–18:00

Saturdays

Closed

Opening hours (sample). Visitor parking in Mill Yard.

Get directions
Map of the streets around the office at 18 Calder Row
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Office open Monday to Friday, 8:30 to 17:30 (sample)

(555) 018-4400

[email protected]

Request a quote