01243 776938
info@jamestoddandco.co.ukServices
Regulatory audit
As registered auditors by the Institute of Chartered Accountants in England and Wales, we are authorised to carry out regulatory audits in the UK.
Professional practices such as solicitors, must comply with the requirements of their relevant regulatory bodies. We understand those requirements and will provide you with the reports you need to maintain your professional registration.
Our CAA accredited auditors specialists understand the regulations governing the handling of client money and can give you clear feedback on your systems and controls. We also provide audit services to charities, clubs and associations.
Which Organisations Must Have a Regulatory Audit?
Regulatory audits differ from financial or internal audits and may cover a broad scope of areas, from risk management to testing internal controls, verifying the accuracy of accounting records and evaluating the organisation’s compliance with sector-specific regulations.
Whether working with an audit committee to assess compliance against the priorities established by board members, investors and shareholders or acting as a team of external auditors, the process can help to avoid any risk of non-compliance, avoid material errors, fraud or omissions and provide assurance.
A regulatory audit, conducted in accordance with the mandatory requirements relevant to the business, may be necessary for banks, financial services providers, legal practices, fund management firms, insurance and reinsurance providers and private equity firms.
Rather than simply verifying that financial statements present a true and fair picture, a regulatory audit will assess every aspect of the organisation against reporting requirements, guidelines and regulatory standards.
What Is the Objective of a Regulatory Audit?
As an experienced audit assurance practice, the James Todd & Co. regulatory audit teams work with a variety of organisations and companies that need to demonstrate compliance. In some cases, a regulatory audit is compulsory, where a regulator requires the independence of a regulatory audit report to verify that a company adheres to corporate governance, risk management and reporting standards.
In others, businesses work with a regulatory audit team as an internal procedure to confirm that they are likely to meet all requisite audit regulations and to highlight risks, weaknesses or non-compliance issues the firm needs to address.
Auditors may work to ensure compliance following a previous unsatisfactory audit outcome or where a regulator has raised concerns. This process can provide objectivity in assessing whether all recommended actions have been followed and whether revised operations or improved interval controls now adhere to the applicable regulations.
Some UK-based or multinational firms must provide evidence of a regulatory audit when serving clients in other jurisdictions, with variances in the law between countries.
How Does a Regulatory Audit Support Business Growth?
A regulatory audit function looks at a wide range of documentation, compliance processes, data protection and record-keeping controls, comparing each policy or approach to regulatory requirements and defining how well the organisation complies.
Organisations and businesses that engage regulatory audit firms can provide evidence of their audit report on demand or to satisfy the needs of stakeholders, quality accreditation providers and regulatory bodies.
Auditors commonly identify opportunities for greater efficiency, risk mitigation and improved profitability, using their expertise as business and finance professionals to offer guidance and recommendations within the audit report.
Professional Regulatory Compliance Assistance
James Todd & Co. is a full-service firm of Chartered Accountants and Registered Auditors and offers a complete range of audit services. Should you require further information about the types of independent audits, the regulatory requirements for your sector or association, or how regulatory audit processes may benefit your business management, please get in touch.
Our audit teams can arrange initial consultations to discuss the scope of your audit requirements, with many organisations choosing to schedule annual audits to support the work of their internal audit committees and ensure they demonstrate a clear commitment to high standards.
Trust us we’re Xero and Sage experts
Regulatory Audit Enquiry
Some words from our wonderful clients..
"We have worked with Michelle and Kevin for many years. We were a small Partnership when we started using them for our annual accounts; as they grew as company so did we. With all their expertise and advice we turned our 500K turnover business into a 3.5 million Turnover business. They do our monthly management accounts and review and advise us on strategies to help us continually grow. The wide range of services they offer is amazing from Tax advice to Payroll and much more!" - Danny Knight, Director, Knight Fencing Ltd. - client since 2007
"Running your own business can be incredibly stressful, You need someone you trust who is on your side and who you can call whenever you need help or advice. I have that with James Todd & Co." - Julia Haviland, Director, Brittain Marketing Services Ltd
"James Todd & Co have been our accountants since 1997 and have provided excellent services throughout our time together. They have undertaken our CIS, Payroll, VAT and end of year accounts during this period and have been excellent throughout. They have a great team, all of which are a credit to the company." - Steve Carder, Director, Facilities Fire Protection Ltd - client since 1997