Independent Examination

Objective review for stronger financial credibility.

Not every organization necessitates a full legal inspection. However, shareholders still essentially guarantee that financial histories are correct. For many small-to-medium charities and groups, an Independent Examination is the legal standard. This process provides a rigorous external review of your records. At Tax-Pert, we provide this scrutiny with professionalism and care. Because we value integrity, our examinations act as a seal of quality for your finances.

What is an Independent Examination?

An Independent Examination is a limited form of external scrutiny. It is less expensive and less intrusive than a full audit. However, it still requires a qualified professional to look at your books. The examiner checks for specific issues defined by law.

For example, we check if accounting records are kept correctly. We also check if the accounts agree with those records. Therefore, it provides “negative assurance.” We confirm that nothing has come to our attention that suggests errors. This gives donors and members peace of mind.

Who Needs This Service?

This facility is principally for charities with a profit between £25,000 and £1 million. If your proceeds are lower than £25,000, you may not lawfully buy an essential one, but it is still recommended. Also, some governing documents require an examination regardless of income.

Additionally, small clubs and societies often request this service. It proves to members that funds are being managed honestly. Therefore, it protects the treasurer from accusations of mismanagement. Consequently, it builds trust within your community organization.

Our Examination Process

We strive to make the examination process smooth. First, we request your accounting records and bank statements. We also look at your minutes of meetings. This helps us understand significant decisions made during the year.

Then, we perform analytical reviews. We appear for uncommon fluctuations in profits or expenses. If we find something odd, we ask for an explanation. Because we are detailed, we spot faults that others strength miss. Finally, we produce the Independent Examiner’s Report. This is the official document you file with your accounts.

Identifying Weaknesses in Control

While an examination is not an audit, it often reveals internal issues. For instance, we might notice that cash handling is insecure. Or we might see that invoices are not authorized properly. Therefore, we provide a “management letter” alongside our report.

This letter outlines recommendations for improvement. Consequently, you can tighten your financial controls. This prevents fraud and error in the future. Thus, our service adds value beyond just the compliance box-ticking. You get actionable advice to make your organization safer.

Cost-Effective Assurance

Full audits can cost thousands of pounds. For a small charity, this expense is hard to justify. An Independent Examination is significantly more affordable. However, it still provides a high level of professional reassurance.

At Tax-Pert, we price our examinations competitively. We believe that accountability should be accessible to all. Therefore, we offer fixed fees based on your turnover. You know exactly what the cost will be upfront. There are no hidden charges for standard queries.

Building Trust with Funders

Grant makers and local authorities check your accounts before giving money. If your accounts are not externally reviewed, your application may fail. An Independent Examiner’s report proves you are transparent.

Therefore, this service is an investment in your fundraising. It signals professionalism and youth. Additionally, it displays that you take governance extremely. Consequently, funders feel harmless trusting you with their grants.

Why Independence Matters

The examiner must be independent of the organization. They cannot be a trustee or a close relative of a trustee. At Tax-Pert, we maintain strict ethical standards. We method every examination with total objectivity.

Though, “independent” does not mean “unfavorable.” We make an effort with you, not against you. If we find a problem, we help you understand how to fix it. We want you to succeed. Therefore, our communication is supportive and constructive throughout the process.

A Smooth and Timely Service

We know that Annual General Meetings (AGMs) have fixed dates. You need your signed accounts ready for the members. Therefore, we agree on a timeline before we start. We work efficiently to meet your deadline.

We use digital portals to exchange documents securely. This speeds up the review process significantly. Consequently, you are never left waiting until the last minute. You can present your accounts to your members with pride and confidence.

Final Thoughts

Financial inspection is not something to be anxious about. It is an opportunity to demonstrate your honesty. An Independent Examination by Tax-Pert validates your hard work. It tells the world that your organization is well-run and trustworthy.

Need an external eye on your accounts? Book your Independent Examination with Tax-Pert today. Let us provide the assurance your stakeholders deserve.