Chartered Certified Accountants,
Registered Auditors & Tax Consultants Quayside House

1-2 Princes Street, Tralee
Tel: 066 7129579

16
November 16th Deadline
Through ROS online - ros.ie
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Accounting Auditing



Your business can benefit from our experience and expertise.

Many businesses do not have adequate time, resources, or the skills to handle their own accounting requirements to comply with their legal obligations.

We can:

  • Handle all of your accounting needs, by maintaining your books and records
  • Advise and assist you on setting up manual or computerised books and records
  • Advise you in selecting accounting software
  • Produce regular management accounts from your books and records
  • Advice and assist you on devising your own system of regular management accounts
  • Prepare and audit annual Financial Statements
  • Review your book-keeping procedures

 The availability of accurate and relevant information on a timely basis is the lifeblood of any business. Our work, to assist you, commences with the business plan, cash flow and profit forecasting as well as the preparation of capital and revenue budgets, together with their subsequent monitoring. Budgets are intended as a guide and a target for your business. They must be closely monitored with regular comparisons being made between actual and forecasted results, with any large variances being thoroughly investigated.

Our management account services will enable you to monitor the performances of your business, and discuss with us how to make possible tax savings before the end of the financial year.

The availability of management accounts on a regular basis can provide you with the up to date information required to run your business effectively. Timothy & O’Connor has the resources available to provide management accounts for your business on a monthly or quarterly basis. Our in house computerised accounting facilities are geared to the preparation of management accounts on a regular basis.


Preparation of Statutory Financial Statements in Ireland

All limited companies in Ireland are obliged to prepare statutory financial statements, regardless of the statutory requirement to have an annual audit in Ireland. Timothy & O’Connor will assist your company with the preparation of the statutory financial statements, while also ensuring the financial statements comply with the relevant accounting standards and Irish company law. We will also prepare the relevant financial statements for filing with the Companies Registration Office in Ireland.

 

AUDIT & ASSURANCE SERVICES
An annual audit is a statutory requirement for all limited companies that meet certain size criteria under the Irish Companies Acts.  Our audit tests ensure that your business is aware of all the rules and regulations under current legislation.  Our audit plan is designed to enable us to respond to shareholders and management concerns and to identify risk areas and improve controls.  By doing so, we can identify opportunities to improve profit and optimise cash-flow performance which will assist clients safeguard their business assets.

We believe that a successful audit should be about much more than satisfying legal requirements.  As registered auditors our aim is to make the process an informative and value added experience.  Our audits, led by experienced professional staff, can provide vital insights into the operation and control of your business. 

Timothy & O’Connor, whilst carrying out all the statutory functions of an Auditor, is also very conscious of the need businesses have for constructive suggestions, and will at all times offer assistance in any area where it's expertise can add value to your business. The basis of effective financial advice is a thorough knowledge of the client – their operations, outlook and financial status. Timothy & O’Connor is a registered auditor and our audits will provide a vital insight into the performance & operation of your company.

Our Audit team provides a comprehensive range of auditing services to enable businesses to comply with all of their statutory obligations and to provide a practical understanding of the developing opportunities, which will benefit the performance of our clients businesses.

We apply a value added approach to the auditing process. Using this opportunity, the team can advise the client on the strengths and weaknesses of their accounting systems and controls, having carried out an independent assessment of their performance.

This vigorous audit ensures that the vital issues impacting on their business are thoroughly assessed and accurately defined, allowing clients to focus their valuable time on the growth and development of their businesses.

Audit in Ireland

The annual audit in Ireland is a statutory requirement for all limited companies, except for those companies who have availed of audit exemption having met the necessary criteria.
Timothy & O’Connor is a registered auditor in Ireland. The firm has a specialised audit division with a wide range of experience of the audit function, in a number of different business sectors. The primary objective of the annual audit is to provide assurance that the financial statements are free from material mis-statement, whether caused by fraud or error. Timothy & O’Connor’s approach to the annual audit is to ensure this objective is achieved as efficiently as possible, while having a secondary objective of providing added value to companies, by way of constructive observations arising from the audit. These observations are communicated to the company management at the end of the audit process in a detailed letter.
Timothy & O’Connor’s auditors adopt a risk based approach to each audit assignment we undertake. The audit focuses on the key audit risk areas, which are derived from our knowledge and understanding of the entity for whom the audit assignment is being carried out. The audit is also informed by the needs of the client and any areas that require special attention should be brought to our attention at the audit planning stage.


Audit Exemption

The option of audit exemption is available to some companies in Ireland where a number of criteria are satisfied (See details below for relevant criteria), and given the advent of the more rigorous International Standards on Auditing and the associated increase in the cost of the audit, the audit exemption option should be seriously considered by the directors of a company where the criteria have been satisfied, and there are no other relevant factors as to why the company should continue to have an audit.

Criteria for availing of Audit Exemption
For periods commencing on or after 24 December 2006 (and periods commencing prior to 24 December 2006 and ending on or after 24 February 2007):

  1. The company is a company to which 1986 Companies Act applies; and
  2. The amount of the turnover of the company does not exceed €7,300,000; and
  3. The fixed assets plus current assets of the company must not exceed €3,650,000; and
  4. The average number of persons employed by the company does not exceed 50; and
  5. The company is not a parent undertaking or subsidiary undertaking; and
  6. The company must have a share capital and be a private company; and
  7. The company must not be regulated under financial, banking, insurance, investment or trade union legislation, i.e. company must be eligible: and
  8. Members with 10% or more in nominal value of the voting share capital must not have lodged a request for an audit in writing at the registered office of the company: and
  9. The Articles of Association of the company must permit the company to dispense with an audit.

In addition to the conditions (1) to (5) above the annual return of the company to which the current financial year’s accounts will be annexed, and the annual return to which the previous financial year’s accounts were annexed must be lodged on time with the Companies Office.
Conditions (2) to (4) must be met in the current and previous year of trading, unless the current year is the first year of trading.

 

Other Assurance Products

Taxation Letters
We can provide confirmation for a third party of the companies tax status, details of outstanding returns, amounts of tax outstanding, etc.

Audit Certificate for Grant Application
We can provide a Certificate for grant applications confirming that the details contained in the claim are correct.

Confirmation of Turnover letter
We can provide confirmation for a third party, of the turnover of your company or business

Other special assignments

We can also provide assistance with any other assignments or requirements that businesses and companies may have.