As a Chartered Accountancy practice and Registered Auditors we prepare annual accounts for various purposes on behalf of sole traders, partnerships, companies and other organisations. The majority of these are prepared on an annual basis and some are prepared and presented to tight deadlines. In general these accounts will form the basis of Income Tax returns and in the case of corporate entities the basis of accounts on which the audit and subsequent publication of the accounts will be based.
Accounting and bookkeeping requirements of entities vary considerably and are dependent on trading factors and availability of client in-house resources.
We prepare and present annual accounts for various entities and interim accounts (monthly, quarterly) for others, as their needs require. The presentation and interpretation of regular financial information is crucial in these instances and enables the entities to monitor performance, manage cash flow, revise budgets and take whatever measures are appropriate to achieve their financial objectives.
We provide advice on bookkeeping and technical advice on the Financial Reporting Standards (FRSs) issued by the Accounting Standards Board and the International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board.
The annual audit should be conducted in an efficient and focused manner to provide the audit assurance required for reporting, substance and compliance. The audit must be constructive and assist in identifying the risk factors attaching to each entity. The identification of risk areas will facilitate management in implementing approaches and controls appropriate in managing that risk.
The audit review of internal procedures and controls will be used as an opportunity to review the effectiveness and operation of the existing controls and suggest improvements in operational procedures, where required.
The firm hold Registered Auditor status with the Institute of Chartered Accountants in Ireland in accordance with the Companies Acts. We conduct our audits in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. ODL uses a tailored audit approach for each client specifically addressing the risk in each client’s business and we focus our testing on these risk areas. The focused audit testing and risk assessment provides us with the evidence to give reasonable assurance that the client’s financial statements are free from material misstatement, whether caused by fraud, or other irregularity or error.
We have expertise in preparing audits for our clients in the following sectors:
- Consultancy Services
- Property Management Companies