Audit & Accounting in Ireland

Audit & Accounting Services

The term “audit services” covers a wide range of financial accounting disciplines – from preparing small business accounts to conducting a financial statement analysis for the largest multinational companies.

Within that range of disciplines, an auditor should be able to assess accounting systems, controls and procedures, and suggest recommendations to improve existing systems of financial accounting, risk assessment and financial reporting.

Furthermore, auditors in Ireland should demonstrate an understanding of their client´s business in order to produce a genuinely independent and accurate picture of the client´s current financial position and prospects for growth.

The team at Friel Stafford has twenty year’s experience of providing audit services in Ireland, and we can provide a full range of business and accounting services – irrespective of the size of your business or the complexity of your financial accounting procedures.

Summary of our Audit & Accounting Services

Our range of audit services has been developed in order to deliver trusted and independent advice in a business environment which is constantly changing due to commercial pressures, government intervention and compliance issues.

In addition to preparing and auditing financial reports to fulfill the statutory requirements of the Irish Companies Acts, we can also produce financial audit reports to assist with business planning, grant funding, business acquisitions and management buy-outs.

Our audit services include:

Statutory Audit

With certain exceptions, a statutory audit and annual financial report is necessary for all limited companies in Ireland. At Friel Stafford, we go beyond the basic obligations required of an annual financial report to identify key aspects of a business, its operation and prospects for growth.

Our approach enables us to provide responsible financial statements for shareholders and directors, and recognise risks that a business may be facing in the future, implement safeguards against those risks and facilitate forward planning with measures in place to improve cash-flow performance and profit.

Internal Audit

The role of an internal auditor is to ensure that systems and controls are in place which are appropriate to the nature of the business – and the risks and challenges it may face. An internal audit often differs from a statutory audit in that it is usually focused on specific areas of a business´s operation.

Due to the nature of an internal audit, an internal auditor may need to outsource assistance from specialist experts when a specific issue is identified. At Friel Stafford we believe that we have the specialist experts already in place to save time and money in the execution of an internal audit.

Systems and Controls Review

Similar to an internal audit, a systems and controls review is intended to identify areas of a business´s operation in which strengths can be developed to improve performance, and weaknesses in the financial accounting process resolved to eliminate risks.

However, in addition to systems and controls reviews being used to enhance a business´s operation, an auditor´s report on the internal procedures within a business can also be of benefit to companies who are considering fund-raising opportunities, valuations, disposals and acquisitions.

Financial Due Diligence

Financial due diligence is an essential component of any take-over deal or acquisition and, at Friel Stafford, we thoroughly investigate all aspects of a business transaction to ensure the accuracy of assumptions regarding finances, commercial viability, operational procedures and corporate strategy.

As we mentioned in the opening section, auditors in Ireland should have an understanding of their client´s business to ensure peace of mind to purchasers, and to accurately communicate the critical success factors of any proposed deal in order that it is possible to make fully informed decisions.

Forensic Financial Accounting

A further important role of auditors in Ireland is to provide forensic financial accounting services when disputes arise over the valuation of a company or in scenarios where fraud may be an issue. Our experience of working closely with both plaintiffs and defendants – and their legal teams – often facilitates the quick resolution of disputes.

Our team of forensic financial accountants has an established track record of tracing assets in restructuring and insolvency cases and we support our audit services in this field with litigation and expert witness services which enhance the potential for the recovery of assets and a successful conclusion to any legal action which is necessary.

Pension Audit

Our dedicated pension audit team has many years of experience liaising with pension administrators, investment managers and trustees to review the processes in the production of pension fund statements, which then enables us to conduct comprehensive audits with the highest level of efficiency.

Each pension audit we conduct is individually customised according to needs and risks of the pension scheme, to ensure compliance with pension audit regulations and to provide assurance to trustees and members of the scheme that the pension audit has been conducted accurately and with the utmost integrity.

Other Audit Services

The list of audit services provided above is just a summary of the assistance that can be provided by the expert team at Friel Stafford – one of the leading companies of auditors in Ireland. Other financial accounting services we offer businesses include pre-audit preparation, corporate governance reviews and ensuring compliance with International Financial Reporting Standards (IFRS) – all to the highest industry best practise.

Our services also extend to financial institutions – for whom we can provide pre-lend surveys and post-lend audits, independent business reviews and fixed charge receiverships – and to overseas jurisdictions; where Friel Stafford has developed a strong network of specialists in the United Kingdom and United States.

Speak with Friel Stafford about Audit Services in Ireland

The team at Friel Stafford has provided audit services in Ireland for more than two decades and you are invited to call our confidential advice line on 01 661 4066 to discuss your financial accounting needs with one of our experienced financial practitioners.

We are happy to provide initial advice and solutions without any obligation from you to take advantage of our services and, if it is not a convenient time for you to speak with us right now, please leave your contact details in the form provided on this page, and one of our team will be in touch to discuss our audit services and how we might be of assistance to you.