We assist our clients with several non-statutory audit assignments and other specific reviews.
Specialist teams tailor these audit services to each individual client to provide you with the best possible audit for your needs. These include:
- Agreed upon procedures
- Covenant reviews
- Regulatory reporting
- System and Organisation Control Assurance (ISAE3402)
Agreed upon Procedures
The increasing complexity of business life, both in terms of structures and transactions, leads to an increasing demand for reassurance that matters of critical importance are dealt with in a manner that directors, or other stakeholders, might wish for.
Not all such matters will be appropriate subjects for audit, nor for more formal assurance reporting. In these circumstances an "agreed upon procedures" engagement can be a useful solution. Under such an arrangement we carry out very specific work to cover your areas of concern in a laser-focused manner. This avoids carrying out unnecessary work to provide a much broader opinion and it makes the scope of our work for you entirely clear, together with the outcomes that you might be able to expect.
As part of a loan agreement, it is normal for a company to be required to meet certain covenants on a regular basis. Often a bank will require a company's auditors to verify these covenant compliance calculations on an annual or even a quarterly basis.
We can review the covenant compliance certificate prepared by the company for the bank together with the supporting documentation. We will agree that this covenant certificate has been prepared in accordance with the loan agreement and then provide the company with a report confirming this that can be submitted to the bank.
We can also assist in reviewing projections for future covenant compliance and advise on the suitability of accounting policies. We can support you on:
- Assurance on reported numbers
- Clarification on future covenant compliance
As all businesses seek to ensure that they have assurance that their risks are being mitigated effectively for their own governance purposes, service providers are facing demands from their customers and their potential customers for controls assurance that they can rely upon too.
Regulatory compliance is becoming increasingly complex and the power and reach of key regulators is ever widening. Within such a regulatory framework, companies are encouraged to strive for the following:
- regulatory compliance within financial and non-financial reporting
- financial reporting that applies both the spirit and the letter of law
- strong corporate governance
- compliance that is congruent with the company’s commercial objectives and risk management strategies.
Regulated Financial Service Businesses are required to comply with local Laws, Codes of Practice, and associated Orders. These include Fund Service Businesses, Trust Companies, Investment Business or General Insurance Businesses.
We are very prominent within our profession and have a wealth of experience with regulated businesses which is underpinned by our sector specialist approach. We are uniquely placed to provide advisory and assurance services to regulated businesses in order to help manage regulatory risk.
The key benefits BDO offers clients:
- A deep understanding of current and future regulatory requirements.
- Assurance that regulatory requirements are met.
- Independent assurance of regulatory and financial reporting, including audit of regulatory reporting and compliance.
- Assistance in developing appropriate corporate governance.
- Advice and assistance in becoming authorised by a regulator.
- Benchmarking of compliance processes, internal control, and quality of reporting.