Audit and Assurance

UK Auditing

UK-based CA firms outsourced their strategic audits of the following public listed, private, and public limited companies to us, as they wanted 100% compliance with International Auditing Standards (ISA).
With our extensive audit experience from the world’s top audit firms, including KPMG, we commence assignments starting from initial requisition of data covering every aspect, followed by planning, execution, reporting, completion, correspondence, and submission of a fully compliant audit working paper file on auditing software to clients. If a client doesn’t have audit software, we deliver audit assignments on MS Excel, meeting all quality compliance requirements. We also assist in preparing financial statements with full disclosures as required by IAS & IFRS. Our audit files always pass quality assurance reviews, which have built our strong reputation and client base.

UK GAAP and Narrative Reporting

Financial reporting in the UK has seen the introduction of several new UK GAAP frameworks and regular updates to the laws, regulations, and guidance that govern narrative reporting.
Whichever accounting frameworks your business adopts, at Le Supreme Experts, we have the skills and expertise to deliver support and advice on the first-time adoption of new standards and amendments or on transaction-specific accounting treatments.
We will ensure you are informed about the nature of the changes to GAAP and help you understand their potential effect on your business.
Please get in touch to discuss how we can help you meet the particular challenges you face.

How BDO Can Help with UK GAAP

We want to help you choose the right accounting framework for your business. We carry out a high-level analysis for each of the framework options available covering:

• Key financial statement areas
• Key tax issues
• Terms of existing financing to identify covenants that may be breached due to different reporting measures
• Other commercial issues, for example, distributable reserves issues

We can help you prepare for conversion and support you through the implementation process for the new framework to ensure it runs smoothly.
We can then help you identify the precise implications of changes. This may include first-time adoption adjustments on your financial statements and the timing and amount of any tax payments to HMRC.
Following the implementation of a new framework, your BDO team will keep you up to date about any changes to GAAP, including amendments proposed as a result of FRC triennial reviews.
Should you need to transition to a new or different accounting framework, we will assist you throughout this complex and time-consuming process.
Explore how BDO’s Financial Reporting solutions team can help.

We will help you understand the implications of changes in UK GAAP and empower you with the information to make the correct choices for your business.
FRS 100 sets out the financial reporting requirements for UK and Republic of Ireland entities. It also identifies whether entities must or can elect to produce their consolidated or individual financial statements in accordance with one of four frameworks. The four frameworks are:

• Discover EU-adopted IFRSs
• FRS 101 – A standard for the individual accounts of a qualifying entity which uses the recognition and measurement rules in IFRSs but includes reduced disclosures
• FRS 102 and FRS 103 - The core of UK GAAP, providing a concise and simplified accounting framework for companies including reduced disclosure frameworks for small companies and qualifying entities
• FRS 105 – A standard for micro-entities

FRS 100 does not extend the mandatory application of EU-adopted IFRSs beyond the current requirement of the IAS Regulation or market rules.
All the options above, with the exception of EU-adopted IFRSs, are 'Companies Act' and UK GAAP accounts.

Other Assurance Services

We assist our clients with a number of non-statutory audit assignments and specific reviews. Specialist teams tailor these audit services to provide you with the best possible audit for your particular needs. Our Assurance services include:

• Agreed upon procedures
• Covenant reviews
• Pensions scheme assurance services
• Regulatory reporting
• Royalties