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Audit
Our starting point is that shareholders and stakeholders are looking for high levels of assurance and service delivery. The objective of our audit offering is to perform with integrity and provide the robust and independent opinion required, as the basis for decision making in conjunction with the broader strategies of the management teams, shareholders and other key stakeholders in our clients.
We base our audit on key areas that we believe are important to our clients. These are:
We base our audit on key areas that we believe are important to our clients. These are:
- Technical experience: providing transparent, credible, timely and decisive judgements
- Focus: a prioritised approach, concentrating on mutually agreed key risks and issues and not wasting ours or client time in areas of low importance
- Keeping close to our clients: frequent communication and substantial partner involvement supports the early identification and discussion of emerging risks and issues
- Robust advice: sharing our views and observations on business performance, based on our knowledge of the company and our wider experience
- Joined up approach with our specialist: tax colleagues to ensure a consistent approach to our advice from all aspects
All of our audit partners are from ex ‘Big 4’ practices supported by a highly qualified team with the same or similar background. The aim of our service is to deliver this experience to our clients by giving a high level of senior contact through the process at a competitive cost. We deliberately keep our ratio of qualified to non-qualified staff high to ensure our clients benefit from a team that is focused on asking the right questions from the initial visits to the final clearance meetings.
In particular during our work, we are focused on the areas where are clients have told us they are interested;
In particular during our work, we are focused on the areas where are clients have told us they are interested;
- Driving value from the audit - the audit can be seen as a statutory burden and cost. We believe it acts as a platform for us to give full advice based on a privileged view of the detailed workings of the business.
- Effective communication with stakeholders - many of our clients have a number of stakeholders from the executive management team to other investors. We ensure we are clear on the outputs required from all parties at the outset.
- Improving your business – it is rare there are no important issues to resolve as part of the process. We offer advice from as simple as areas in which the accounting function can be improved to more complex advice around restructuring or tax planning ideas.
- Speedy resolution of accounting issues – One of the key areas in which we pride ourselves is our technical ability and experience in dealing with complex accounting issues. In particular we often are aware that any decisions made by management in preparing their financial information will need to be robust enough to deal with ant potential challenge should the business be subjected to financial due diligence at a later date.
- Independence and objectivity- Running through the core to our service is developing a good enough relationship with our clients to enable us to give them robust and practical advice.
The Process
HMT's audit is based on understanding a client's business drivers and risks. This approach delivers a robust and thorough audit that focuses on the most relevant areas. There are four key phases in the process:
HMT's audit is based on understanding a client's business drivers and risks. This approach delivers a robust and thorough audit that focuses on the most relevant areas. There are four key phases in the process:
- Planning - identifies and confirms the key risks
- Controls phase - we evaluate the design and implementation of selected controls, advise management of any issues and carry out the half year review
- Substantiation - we carry out tests of detail on areas that require particular focus
- Completion - the submission of the audit opinion and the delivery of our view on key areas of your business
In summary why use HMT
- HMT audits a large number of clients in diverse industries linked by the fact that they are undergoing change and are focused on growing their businesses; we know how to service this type of client as we understand their issues
- The quality of our team comes from their background and experience being mainly ex Big 4
- For the level of service and experience we are commercial about our pricing and adapt our pricing structures to give our clients good value
- Our procedures are continually updated and verified by regular inspection by the various regulators including the Audit Inspection Unit Report, unusual for a firm our size
- We are one of the few (1%) UK audit firms registered as a Public Accounting Firm with the United States regulator the Public Company Accounting Oversight Board
We are registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales. Details of our audit registration can be viewed at www.auditregister.org.uk under reference number C001841324
We are a Registered Public Accounting firm in the USA by the Public Company Accounting Oversight Board. Details of our registration can be viewed www.pcaobus.org