Audit and Assurance

Making a noticeable improvement to our client’s business is central to the audit work we do and the results we deliver. Creating value that makes a real difference to our client’s business – year after year – is intrinsic to our approach.

That is why we provide audit services to a vast number of corporate groups, owner-managed businesses, not-for-profit organisations and public sector organisations throughout the UK and internationally, in a wide range of specialist sectors, regardless of their size or status.

With extensive experience, a dedication to exceptional client service and value for money, you’ll receive meaningful insights into your business, whilst ensuring that strict compliance requirements are met.

With over 90 audit professionals throughout the firm, we make it a priority to understand your business and tailor our approach to your way of working. This also means we can minimise any disruption caused by the audit process whilst providing you with the insights that you’re seeking in order to help you run your successful business.

Our Audit and Assurance services

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Quality Assurance

At Bishop Fleming, we take the quality control of our audits very seriously indeed. We submit ourselves to regular third party reviews as well as regulatory visits by the Quality Assurance Directorate (QAD). A tightly controlled system of audit licensing within the firm means that your audit will be performed by fully qualified and appropriately experienced audit specialists and no-one else.

Details of our Bishop Fleming registration can be viewed at www.auditregister.org.uk, under reference number C003811177, and details of our Bishop Fleming Bath Limited audit registration can be viewed under the above website, under reference number C003088558. Registered to carry out audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Audit Regulations can be accessed at www.icaew.com/regulations. The FRC Ethical Standard can be accessed at www.frc.org.uk/auditors/audit-assurance/standards-and-guidance.

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Specialist Sectors

We also specialise in specific sectors including;

  • Manufacturing
  • Media & creative 
  • Property
  • Charities
  • Tourism & leisure
  • Healthcare 
  • Technology

This specialist approach means we already have key insights and can easily identify how a business is performing, pin-point trends and spot opportunities or problems at an early stage. Our unique insight means we can anticipate the particular issues that your business or organization faces.

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iXBRL and CaseWare

Bishop Fleming was one of the first top 40 UK accountancy firms to invest in some of the most sophisticated audit and accounting software around and have been working with CaseWare for more than 6 years. Our level of involvement in the design and development of the CaseWare programme itself has given Bishop Fleming unrivalled experience, which can be drawn upon should you need assistance in the preparation of your statutory accounts.

We can produce financial statements that provide you with meaningful insights and, as required by HMRC, your company accounts and Corporation Tax returns will be filed in the required XBRL electronic format.

We can also work with your current auditors to supply iXBRL tagging services, for more information please contact a member of the audit team.

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International Audits

Global communications and ease of travel means businesses are increasingly likely to have interests overseas – either buying and selling goods and services, or opening branches or offices in other countries. Our membership of Kreston International, one of the largest global networks of independent accounting firms, allows us to service multi-national groups to break down cultural barriers and take advantage of expert advice at a local level to fulfil overseas statutory requirements to help you with whatever international issues may arise.

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Risk Assurance and Internal Audit

All organisations will benefit from greater clarity over how they are performing, and equally how strong their current practices, processes and controls are to support this.

You need to know that you are sufficiently risk aware, compliant and informed in order to fulfil your organisation’s full potential.

Our specialist risk assurance and advisory team can help you understand how well you currently do this, and importantly, how to take the next steps to further strengthen your risk management and governance.

Our services range from core Internal Audit through to wider risk management and governance assurance, advice and guidance.

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Remote auditing

One of the many ways we can create value that makes a real difference to your business or organisation is through the delivery of remote auditing. 

Put simply, remote audits are performed virtually rather than on-premise. It isn't a new concept but it has gained prominence during the Coronavirus as a means of continuing with compliance. And with companies evolving, working more remotely themselves, and using systems differently - remote auditing now complements this change.

Because auditing remotely can be done very efficiently, it is likely to evolve and become more common. And for that reason, together with traditional audit processes, we are keen to continue offering remote audit as a part of a new flexible, and optional approach to how we can add value.

With extensive experience in delivering remote auditing and data analytics, we have a dedicated team that can ensure we deliver exceptional client service and value for money, whilst ensuring that strict compliance requirements are still met.

What are the benefits of remote audit?

The key benefit of remote auditing is that we can provide you with audit and assurance services without being on your doorstep. 

However, we will still provide you with the level of service you would expect if we were. 

By delivering audits remotely or in part, this means we can minimise any disruption caused by the audit process with fewer people on your premises.

Our audit teams have virtual tools to perform audit functions efficiently and effectively, without sacrificing face-to-face time. In fact, by reinvesting time previously spent on travel and fieldwork, we can provide additional value-added services to your business. This includes:

  • Access to more senior advisor's time
  • Utilising our clients' investment in their own systems
  • Allowing our clients' teams to continue to work flexibly and remotely during the audit process
  • Aligning and completely tailoring the service to our clients' preferences

Finally, by reducing travel, remote auditing has a positive impact on our strategy to be a responsible business by improving the health and wellbeing of our people, and by reducing our impact on our environment.

Is remote auditing right for my business/organisation?

We recognise that remote audit will not be the right fit for all our clients. But remote auditing allows us to explore a flexible approach with our clients, tailoring a solution that works best for you, and your business.

So, alongside our traditional on-premise audit process, we will be able to offer audits delivered remotely in full, or a hybrid approach where some on-premise activity is supported by remote processes.

If you would like to have a conversation to explore how remote auditing might work for your business or organisation, please get in touch with a member of the team.

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Governance

Governance is the framework of rules, practices and processes which facilitate accountability and authority, and allows an organisation to maximise outcomes and benefits. Stereotypically, governance is associated with schools and charities, but corporate governance is very much alive and increasingly the focus for successful profit-making organisations, to maximise returns.

 

Using data analytics

At Bishop Fleming, we’ve been performing audits for years, and we’ve never been more excited about the value of our audits than today.  Our audit will be substantive in nature, focusing on the verification of year end balances and P&L trends. The substantive audit will be supported by use of our data analytics tools.

The demand, from clients, investors and regulators alike, for more forward-looking and insightful audits is increasing. With higher data volumes and the shift from manual to automated processes, companies are moving beyond the traditional audit activities toward an environment of more sophisticated analysis to derive more value from the audit process.

Clients now expect an audit to not only involve risk assessments, but are also looking for the audit to highlight potential areas of operational and business improvements.

Our data analytics tools use data obtained from you to perform complex data interrogation routines.  Results from our procedures are presented in dashboard visualisation which is easily understandable and can be used to evaluate abnormal transactions identified from individual tests.

Creating value

Creating value that makes a real difference to a client’s business – year after year – is intrinsic to our audit approach.  At Bishop Fleming we continue to explore ways in which we can drive efficiencies in our audit process, whilst providing true value in terms of the insights we can give to our clients.

We believe the use of data-analytics provides us with a privileged insight into your business and we use this knowledge to add value through our more advanced data analytics tools, which use the fundamental principles of double-entry accounting. Through extracting data from your system we have the ability to analyse relationships between transactions, nominal accounts and balances, identifying the source and destination of transactions, so that more meaningful conclusions are drawn across a high volume of transactions where manual techniques would be impossible.

One of the many ways we can create value that makes a real difference to your business or organisation is through the delivery of remote auditing.  

Put simply, remote audits are performed virtually rather than on-premise, and whilst it is not a new concept, it has gained prominence during the Coronavirus as a means of continuing with compliance. Because auditing remotely can be done very efficiently, it is likely to evolve and become more common. And for that reason, together with traditional audit processes, we are keen to continue offering remote audit as a part of a new flexible, and optional approach to how we can add value.

With extensive experience in delivering remote auditing and data analytics, we have a dedicated team that can ensure we deliver exceptional client service and value for money, whilst ensuring that strict compliance requirements are still met.

To find out more about our remote auditing service, please click here.

We found our remote audit with the Bishop Fleming team worked really well this year and was a very smooth process.  The audit team kept in regular contact both by email, over the phone and at the virtual planning and completion meetings. We agreed what was needed, by when and in what format.  We were able to provide them with the required information very easily through the Bishop Fleming secure electronic portal.  We are looking forward to the audit running in a similar way in the coming year.

Susie Beasley-Suffolk, Director of Central Services, We Care Home Improvements

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