audit

Audit reveals VAT issue for manufacturing company

audit

Case Study20th May 2020

Contributors

Related services

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Challenges identified included auditing the stock and work in progress systems and how these linked into an out-of-date accounts package.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 

Contributors

Related services

Sign up for the latest industry insights

  1. Blog29th Jul 2022

    COVID recovery, labour shortages & supply chain issues: the resilience of Scotland’s food & drink sector

    In the last two years we have seen some of the most challenging times in business. In particular, the Scottish food and drink industry has been hit hard by varying restrictions imposed across the country. Despite these challenges, the industry…

    By Derek Mair

    View more

  2. Blog11th Mar 2020

    SeedPod – What does this mean for Scotland Food & Drink Businesses?

    At AAB, we have a dedicated team of Food & Drink specialists who hold a wealth of experience and knowledge of the sector – a nod to the significance of the industry in the context of the Scottish economy and to our business. Considering our involvement within the sector, we…

    By Derek Mair

    View more

  3. Blog12th Sep 2019

    Funding Growing Food & Drink businesses

    Fundraising for start-ups or early stage companies has always been a challenging task as anyone who has seen the plucky contestants enter the Dragons’ Den on the hit television programme can agree. However, with a high number of food and…

    By Derek Mair

    View more

  4. Blog4th Jul 2019

    Scotland Food & Drink – the £30 billion pound opportunity – supporting companies unlock their potential

    The Scottish food & drink industry is a globally recognised brand and continuing to strengthen this brand will be key to reaching the shared vision of the Scotland Food & Drink Partnership outlined in their “Ambition 2030” strategy. To achieve…

    By Derek Mair

    View more