Statutory audit
A statutory audit, whilst a requirement by law, shouldn’t just be a compliance exercise for you - or for us. Our five-step audit approach ensures you receive quality audited financial statements, offering valuable insights for your business.
1. Understanding your business
Your service team is carefully selected to ensure that they have the right capabilities, expertise and industry knowledge for your business. Our team invest time in understanding your processes, systems, controls and data so that your audit plan is bespoke to you and can take advantage of our innovative data solutions.
2. Assessing risks
We take the time to fully understand the business environment you operate in, so that we can pinpoint your current and future risks. Creating, nurturing and sustaining a culture of respect and openness is part of our DNA and we encourage upward challenge to ensure that the right audit strategy is developed.
3. Meeting timescales
Project management is key to delivering a quality audit to agreed deadlines. Our client portal allows us to share vital data and information across the audit team throughout the engagement. The application of our global audit methodology provides consistency as well as flexibility in executing the audit strategy. Its integration into our audit software provides maximum efficiencies.
4. Communication
We keep an open dialogue with you from day one - during the delivery of the audit and throughout the year - to maintain an understanding of your needs and any changes to your business. Our engagement leaders also maintain regular dialogue with the wider audit team to ensure the appropriate amount of oversight is maintained and to provide support at a senior level, where needed.
5. Continuous improvement
We understand that constructive feedback is essential to achieve our overall objective of delivering consistently high-quality audits. We seek feedback from our clients and from our colleagues on a 360-degree basis to ensure we deliver on all our objectives.
The size and complexity of your business will be a key indicator for us as to how our audit process will run and what findings you might expect to see. Our skilled auditors have experience of dealing with different levels of complex financial accounting issues and by working with your teams, we will ensure that critical data is used to deliver quality insights and solutions.
- Global audit
- Large and listed businesses
Global audit
Experienced global team
Working closely with our international colleagues, we can solve any issues before they impact the international audit process.
Single global audit methodology
RSM Orb is a global audit methodology, which enables us to deliver co-ordinated, consistent, and insightful audits. It follows a robust framework but also provides flexibility so that we can adapt the process to new technology and auditing standards.
Secure global portal
Our file-sharing portal is available globally. It enables us to share documents and data between ourselves and your teams securely and efficiently.
Work flow tracking and project management
Our secure online data dashboard tracks key milestones needed for each audit in each country. It gives both you and the RSM audit management team weekly updates of progress.
Dedicated project management team
We offer a dedicated project management team which help to keep communication between our international colleagues open, consistent, and regular. This approach provides:
- a simplified management process for global audits;
- a proven, effective way of ensuring accountability and visibility;
- a dedicated RSM team focused on supporting you; and
- insights into monitoring global service quality and delivery.
Large and listed businesses
Over the last few years, the audit market has faced a number of challenges, particularly for large and listed businesses. The need for more options when choosing an auditor is now more crucial than ever. We are committed to being part of the solution.
Shareholders, investors and management can take comfort in our high quality and robust audit approach that combines technology and sector specific skills, with a deep knowledge of the changing standards in financial reporting, regulation and governance.
We provide audit services to FTSE 250, small cap and AIM listed clients, as well as to large acquisitive private businesses with complex group structures and supply chains operating across multiple locations nationally and globally.
At the heart of our approach is fully understanding the business environment our clients operate in and their current and future risks. We are also very cognisant of the importance of the relationship between Stakeholders, Directors, Audit Committee Chair and audit partner. Crucial to this dynamic is informed challenge coupled with regular communication, early identification of issues and honest feedback between all parties.
