Audit reveals VAT issue for manufacturing company
Case Study20th May 2020
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Our Client
A local manufacturing company which has had over 40 years of success, predominantly in the Energy sector. Management did not feel that they were receiving a quality service for the audit fees that they were paying another firm.
Challenges identified included auditing the stock and work in progress systems and how these linked into an out-of-date accounts package.
Our approach
- Meetings with the management and finance team to understand what they expected to achieve from the audit. Although the audit was required by law, management still wanted value for money from this service
- A practical approach to identifying improvements that could be made to their systems and procedures to generate efficiencies and cost savings
- Remained in contact with the client throughout the year once the audit was completed to keep up to date with how the business was performing and to understand any challenges that management are facing
The Outcome
- After identifying a potential VAT issue during the audit, management were introduced to our indirect tax team to assist them in reaching a resolution with HMRC
- Introduced management to our Systems and Software team who provided advice and acted as a sounding board on potential solutions to the improvement their accounting software
- Provided advice to management on preparing for a potential disposal in the future
- Provided outsourced management accounts assistance on a monthly basis to assist the in-house accounts team
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