The underlying value of Audit is a means of maintaining the credibility of the business.
For an owner-manager, a professionally conducted audit in accordance with the International Standards on Auditing, is a vital business control.
Together, audit and other assurance services play a fundamental role in the successful management of an organisation, particularly when auditors establish effective working relationships based on mutual trust and respect, with key players within a company, including management, non-executive directors and other advisers.
Our clients range from private, entrepreneurial companies, to public sector bodies through to multinational corporations.
At Woods and Partners, we offer a Partner-led service. You will build a long relationship with your team and your partner. We will not make a habit of changing your team once it has engaged with you – it is the norm for the partner who starts working with you to stay with you as long as current rotation rules allow.
The Companies (Statutory Audit) Act 2018 commenced on 21st September 2018 and has mplications for Auditors and for Companies. The key provisions of the Act are the following:-
1. A company filing an annual return late may file audit exempt financial statements and the company will be required to have the following two years audited.
2. No change to Sec 343 District Court Applications for lost audit exemption.
3. New powers for IAASA sanction and enforcement
If your company is in receipt of Entreprise Ireland (“EI”) Grants, or Industrial Development Authority (“IDA”) Grants, or other Regional Development Grants, then you may be required to carry out an audit on your spend.
We are experienced and skilled to conduct EI and IDA grant income. In today’s environment, challenges exist for both funders and grant recipients in respect of accuracy of costs, reliability of grant audit systems, compliance with terms and conditions of grant awards and overall grant governance.
At Woods and Partners, we provide a range of grant audit services to both grant award bodies and grant recipients in the higher education, science, research and development, peace and reconciliation, health, transport and other sectors.
Woods and Partners have extensive experience in the audit of pension funds. Our experience lends itself to a pension audit approach which is tailored for each client based on our understanding of the key pension risks attributable to the scheme.
This provides the trustees and members of the scheme with absolute independent, assurance of compliance with pension audit regulations.
At Woods and Partners, organisations in the public sector, private sector and institutional sector, faced increased requirements for robust internal control structures and systems.
The Internal Audit function provides Boards, Audit Committees, Management, Regulators and other stakeholders with assurance that key organisational risks are effectively managed and that an effective controls framework is in place.
Our Internal Audit team specialise in the application of risk based methodologies for the delivery of our internal audit services. We have access to specialist team across a range of sectors and we are fully equipped to assist out clients in meeting Internal Audit challenges.