Service overview
An Internal Audit reviews the financial processes and controls that an organisation relies on. The purpose is to understand how those processes operate in practice, consider them against the information available and identify control weaknesses that may create a risk of error, loss or inaccurate financial reporting.
At Accountant Bookkeeping Ltd, we carry out Internal Audit and financial controls reviews for organisations throughout Bournemouth, Dorset, London and across the UK. The work is an internal review carried out at the request of the organisation, and it is different from a statutory audit.
We do not provide statutory audit services. A statutory audit is a regulated engagement that must be carried out in accordance with statutory and professional requirements by an appropriately registered statutory auditor, and it is not part of our service.
The scope of an Internal Audit is agreed with you before the review begins. It may cover a specific process, such as payments, payroll or VAT, or the wider control environment across accounting, financial reporting, reconciliations and authorisation arrangements. Reviews are generally designed around the risks that matter most to the organisation.
Findings are explained in plain English, with practical recommendations where appropriate. As an AAT Licensed Accountant, we provide this work with transparent fixed-fee pricing and no VAT charged on our fees.
Pricing
Our Internal Audit and Financial Controls review starts from £750. The final fee is confirmed by fixed quotation following an initial discussion about the scope of the review, so you know the cost before any work begins. VAT is not charged on our fees because we are not VAT registered.
Who this service is for
- Organisations that would like an independent view of their financial processes and controls.
- Businesses whose bookkeeping, reporting or payment processes have grown more complex.
- Owner-managed companies where the same people both initiate and authorise transactions.
- Organisations that would like internal assurance over their processes, which is separate from any statutory audit requirement.
- Organisations preparing for growth, investment, refinancing or a change of accounting system.
- Directors and trustees who would like control weaknesses identified and addressed.
What we can review
- Accounting processes
- Bookkeeping controls
- Financial reporting controls
- VAT controls
- Payroll controls
- Payment and authorisation processes
- Reconciliations
- Financial governance
- Control weaknesses
- Process improvements
What you receive
The output you receive following an Internal Audit review.
Agreed review
A review carried out within the scope agreed with you before the work begins.
Findings
A clear written summary of what we reviewed and what we found, explained in plain English.
Identified control issues
The control weaknesses identified during the review and the effect they may have on the organisation.
Practical recommendations
Recommendations relating to the processes and controls reviewed, where appropriate, with a fixed quotation for any agreed further work.
How it works
Initial discussion and scope
We discuss the organisation, the processes and controls you would like reviewed and the areas you are most concerned about, and we agree the scope in writing.
Information review
We review the accounting records, process information, reports and supporting documentation relevant to the agreed scope.
Review of the controls
We work through the processes and controls within the agreed scope and consider how they operate in practice.
Findings and recommendations
We provide our findings and practical recommendations within the agreed scope, with a fixed quotation for any further work.
Information we may need
- Accounting records and bookkeeping information for the period in scope.
- Details of the financial processes in scope and how they operate.
- Bank and control account reconciliations.
- VAT records and returns where VAT controls are included.
- Payroll records and RTI submissions where payroll controls are included.
- Details of authorisation limits and payment approval arrangements.
- Financial reports, management information or board reporting where relevant.
- Details of any control issues or concerns you would like the review to consider.
Frequently asked questions
Related services
Scope
Internal Audit is an internal review of agreed processes and controls. It is not a statutory audit and is not an audit or assurance engagement. Accountant Bookkeeping Ltd does not provide statutory audit services.
Get a free quote for internal audit & financial controls
Tell us what you need and we'll come back with a clear, fixed fee — no VAT, no obligation.