We have been using the accountancy and audit services of PGM and Elizabeth Tohill to support the financial management of two organisations operating out of the Pavilion Complex, Stormont for over 30 years. They have also made an important contribution to the financial management of the two organisations through their advice…which has greatly improved our internal financial reporting during the year. We are more than happy with the service that they continue to provide to the Association and the very professional manner in which they deliver this service.
Benefits OF PGM AUDITS
Although external audits are required by law, there are a number of benefits that can be yielded from receiving an external audit from PGM.
Easy access to sources of finance – such as bank loans
Additional assurance to potential investors or buyers of your company
Provide assurance that your financial statements are accurately stated
Benefit from more informed decision making
Receive detailed management letters outlining internal weaknesses and recommendations for improvement.
We Can Help
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Thresholds for charities
The type of external audit required is entirely dependent on how much income the charity acquires each year. Income thresholds determine what action your charity should follow.
Up to £250,000
Independent examination by a skilled person.
£250,001 to £500,000
Independent examination by an accountant.
Audit carried out by a registered auditor.
PGM External Audit Process
We have developed our bespoke external audit service to deliver honest, evidenced assurance at every stage of the process.
Our approach is divided into three key areas to provide transparency from planning through to reporting.
Risk-Based Internal Audit
Key Controls Testing
Our Audit Response System enables us to focus on the processes and requirements most relevant to your club or charity.
One month audit plan
We’ll provide a quote upfront for our external audit services, ensuring there are no hidden costs. Once accepted we’ll issue an engagement letter for approval in order to begin acting as auditor.
Discuss audit plan and scope of assignment
We get together with your management team to gain a thorough understanding of your business. Working to identify the key audit risks, we’ll design our audit programme around your individual requirements specifically to reduce risk in these areas. We will then meet with the management team to discuss the scope of the audit and the timeframe for audit testing and completion.
Most of the audit fieldwork will take place at your premises which involves speaking to members of staff and reviewing key procedures and controls. We ensure effective communication throughout the entire process, with ongoing discussion on progress and potential issues with management. Upon completion two members of our internal management team will review the work carried out.
An audit report and management letter is issued, setting out internal control weaknesses identified during our audit and outlining recommendations for improvement.
Gerry Kelly (CEO)
PGM Specialist Blogs
Read our specialist blogs to find out more about the latest changes that might affect you or your business.
Want to find out more about how PGM’s services can help you? Come and see us for a free 45-minute consultation with one of our qualified chartered accountants. We’ll get to know you, or your business, and explore how our services will be beneficial in providing the financial solutions that you need.