looking for an auditor

I'm searching for an auditor to do annual audit of a small housing cooperative

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I'm looking for a freelance auditor to do annual financial audit of a small housing association.

  Turnover £54,000, 10 to 15 invoices in the year. No paid staff but prepares full accounts for audit.

I hope this is the right forum for such request

Thank you

Replies (11)

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By jamesjcrylatt
08th May 2024 08:17

You won't find a 'freelance' auditor. Only designated individuals can sign statutory audit opinions, so you would have to engage a firm of statutory auditors.

Do the Articles require an audit or has a member requested it? There's a minimum amount of work that has to be completed for any statutory audit, so the fee would most likely surprise you.

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Replying to jamesjcrylatt:
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By Dainty Dee
08th May 2024 21:49

Thanks very much James. I'm referring to statutory accounts. The articles require that, but it seems the charges are just too high. Our current auditor doesn;t charge anything close to what I'm reading here.

Thanks so much for the response

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Replying to Dainty Dee:
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By Tax is always taxing
10th May 2024 14:58

Then I would suggest staying with them.

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Stepurhan
By stepurhan
08th May 2024 08:53

Where are you? A lot of accounting work can be done wholly remotely, but audit work normally requires attendance at the client offices.

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By Roland195
08th May 2024 09:32

Do you actually require a statutory audit or do you mean an accountant to deal with the year end accounts? The difference is considerable, not least the cost.

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Replying to Roland195:
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By Paul Crowley
08th May 2024 10:35

That was my thought.
The use of the term 'freelance' seems odd.

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Cherry
By cherrytelevision
08th May 2024 14:30

Hi Dainty Dee.

As others have pointed out, the terms 'audit' and 'auditor' have quite specific meanings in our line of work.

It may be that you are just looking for an accountant? I'm not sure about freelance, but if you Google around for an accountant in your area you're likely to come across some smaller practices who I'm sure would be willing to chat with you.

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John Toon
By John Toon
08th May 2024 16:59

The firm I work for are the number 1 audit provider to your sector. You won't find anything close to a freelance auditor anywhere, but particularly in such as specialist area such as this.

If you DM your details I can make the necessary intro - I don't work in the sector so I can't challenge if you really need an audit but minimum audit fees would be circa 20% of your turnover, probably higher, plus VAT...

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Replying to johnt27:
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By Dainty Dee
08th May 2024 21:53

Thanks very much John,

I appreciate your response to my enquiry, however 20% of turnover is too high, although it seems that's what we'll hear from everywhere.

Thank you

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By thevaliant
09th May 2024 09:10

Have you considered, if the audit requirement comes from the Articles, changing the Articles of Association?

The word 'audit' has changed a huge amount over the last thirty to forty years. Our senior audit manager, retiring this year, remarked when he started an audit was 'tick the petty cash' and little else (I suspect he's exaggerating, but only a bit). When I started, audit was still about ticking and bashing. These days its supposed to be risk and controls. Processes and procedures and documenting everything.

My firm wouldn't do an audit for less than £4k for a new client. We've one or two clients were we still charge £1k (and just hope it never gets picked for inspection) and £50 respectively (because the clients Articles say this!) but these are long standing existing clients were we can't be bothered to tell them that the 1932 way of auditing isn't the 2024 way anymore.

Change the Articles if you can. Remove the requirement for an audit and consider either an Independent Examination instead, or a Chartered Accountants Assurance report.

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DougScott
By Dougscott
09th May 2024 22:59

Because of the onerous requirements on auditors proper statutory audits are stupidly expensive. As someone else said best bet is to change your articles if they say you must have an audit to wording along the lines of "the minimum requirements of the law".

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