Barrett O’Connor & Co. are a firm of Registered Auditors and Chartered Accountants, and have significant experience in preparing both audited and non-audited financial statements.
Questions to identify your requirements
- Does your company require a statutory audit?
- Is your current accountancy firm adding value to your audit process?
- Does maintaining your accounts and records take up too much of your time – would you benefit from outsourcing this function?
- Are you maximising and making best use of your financial information?
- Do you have a budgeting process in place to identify the future financial demands of the business?
- Would you consider an independent assessment of your business and personal affairs from a tax, accounts and audit/accounting perspective?
We would welcome the opportunity to review these questions with you. We set out below our approach to audit and accountancy services, in addition to a brief outline of the additional accounts related services that we provide.
Audit & Accountancy Services
An annual audit is a statutory requirement for many limited companies. Some companies see this process as an unnecessary compliance cost and a drain on resources. However, at Barrett O’Connor & Co. we believe that, with the right approach, the statutory audit can add value for your company, and lead to significant benefits for a business if approached in the right way.
An audit undertaken by this practice will provide assurances on your business controls, whilst simultaneously satisfying regulatory requirements. Through auditing your business, we gain a detailed knowledge and understanding of your business at numerous levels, which enables us to identify risks as well as any areas that may require improvement.
All audits are partner lead, and all contact regarding audit matters will be with your dedicated audit partner.
A clean audit opinion confirms that the financial statements of the company give a true and fair view of the company’s standing, and that the financial statements have been prepared in accordance with company law. This provides valuable comfort and assurance for several potential users of the financial statements:
• Banks and other lenders
• Potential and existing suppliers and customers
• Minority or silent shareholders
Our audit programmes are based on the latest guidance issued by Chartered Accountants Ireland and all of our staff undertake regular training to ensure our knowledge of the relevant legislation and international audit best practice is fully up to date. We tailor our programmes to reflect the industry in which your company operates, its size and the accounting procedures and controls that you have put in place.
An audit exemption is available to companies who meet specific criteria (such as turnover < €8.8m, balance sheet total < €4.4m etc.). Many companies who are eligible to avail of this exemption choose not to for the reasons outlined above (external assurance, review of controls etc.)
Barrett O’Connor & Co. can provide you with a full accounting service to cater for your business’ needs, be they large or small. We can prepare unaudited financial statements, budgets and management accounts, both for internal and other uses. We assist in the implementation of a suitable bookkeeping system for new and existing companies and in the preparation of tax returns for VAT and payroll taxes. We can act as external support for your accounts team, and are always at the end of a phone to answer questions as they arise.
At Barrett O’Connor & Co., our focus is on adding value to the accounts/audit process through providing you with up to date information that will assist you in developing your business and highlighting any issues that may require attention, in addition to allowing you compare performance against budgeted targets, and highlighting areas of high and low profitability.
In addition to providing the audit and accountancy services outlined above, we will also provide the following services which are integral to the efficient operation of your business:
- Company formations, changes of director / secretary, annual returns filing, and all accompanying company secretarial related services
- Payroll services, to include online payment of wages to staff
- Tax services, to include the preparation and filing of tax returns under all tax filing requirements
- Bookkeeping services to allow you to focus solely on the development of your business
- Monthly management accounts preparation