Auditors

[hammerman]

My wife's company has had the auditors in. Apparently, 2 lots have been in. one was going through files and everything and the other was doing IT stuff.

The company is run well and one of the senior staff has enquired about this to which she was told "it's nothing to worry about".

Now my wife and some of her colleagues are thinking that something is wrong....or they're selling up.

Would anyone know why auditors come in like this ?

many thanks

HM

[ChuckFickens]

Nothing strange about that at all

There are two auditors sitting the other side of the office to me at the moment, they come in yearly and go through all the books (and yes they do have to look at IT equipment, mainly to show that there are actually things in existence that match up with the expenditure that has been put in the books)

[mccfluff]

we have auditors in every year and they usually run me ragged as i they tend to select the most random things from the fixed assets list and i have to "prove " they exist

[ChuckFickens]

It makes me laugh, the auditors come over and see me with a invoice for IT equipment and ask to see it but they have not got a clue what the item is and no idea what it will look like, I'm sure I could show them a camel and they'd be none the wiser

[dzug2]

For companies above a certain size auditing is a legal requirement.

[hammerman]

Thanks guys.....put our minds at rest big time

[mccfluff]

yup know what you mean chuck they wanted to see various servers etc i just took them round the server room and made it up as i went along, they seemed happy

[Skyline D]

I'm an auditor.

And as others have said, larger companies require an audit annually. If turnover is over £5.6m or total assets over £2.8m a company needs audited. If a company is really large and has multiple branches then I guess a particular branch might not see an auditor from one year to the next but companies with one or two business locations and turnovers of that size or above should be seeing auditors every year at roughly the same time.

And yes, inevitably we sometimes have to ask to see something significant when we haven't a blind clue what it looks like or does. We know that's as pointless as you do. Never the less we are required to ask and then it's up to us to assess in balance if you are talking through a hole in your head or being honest.