In today’s guide, however, we thought we would focus on one service in particular – CLC (Council of Licensed Conveyers) Audits.
This article will cover everything you could ever need to know about CLC Audits. What they are, why they’re important and how our team can help you through this process.
Who needs a CLC Audit?
A CLC Accountants Report is required if, at any point during an accounting period, a member firm of Licensed Conveyers has held client money.
What is a CLC Audit?
The reporting accountant examines the accounting records to ensure compliance with the CLC Code.
They will also carry out the checks and tests as prescribed by the CLC.
The reporting accountant signs and delivers to the CLC the final Accountant’s Report.
Also enclosed will be a completed checklist. This must be completed and delivered within six months of the end of the relevant accounting period.
What Is the CLC Audit process?
We seek to make the audit process as stress-free and smooth as possible and so we will work with you to obtain access to the records of the firm and select our audit samples and provide a list of information required for our work in advance.
We will discuss the required information with management and the relevant staff to ensure that there are no issues in obtaining this and then lay out a timeframe for receipt of information, review thereof and any onsite work required at each office.
We will need access to bank statements, client ledgers, cashbooks, and client files to complete our reviews and aim to work in partnership with your staff to ensure that work is completed as efficiently as possible and does not disrupt the day-to-day operations of the firm.
We will highlight and discuss any potential issues with you as they arise throughout the audit process so that there are no nasty surprises in store and to ensure that we understand the business and the transactions fully.
We will arrange a meeting with management at the end of the process to report in full on the findings from the audit work and will provide a detailed written report in advance of the presentation.
A CLC Audit can be completed relatively quickly if no issues are found or, if there are irregularities and problems, it can take longer. Spending significant time on a stressful audit is one of the reasons why you need an accounting firm like Williamson & Croft.
Our experienced team can help keep you updated throughout the audit process and will work with management and staff to ensure that improvements are made where any issues are identified.
How Williamson & Croft will make your CLC Audit easier and add value
We understand the pressures associated with all audits which is why we’re best placed to help your business complete this process. Our client-focused approach ensures our CLC audit service will be bespoke and tailored to your business.
We use the latest cloud-based audit systems which makes collaboration before your CLC audit much easier. This ensures that we can potentially minimise the time we spend onsite by selecting samples and collating information in advance so that the disruption to your staff is reduced.
Beyond simply fulfilling the minimal reporting requirements, our experienced staff will also review a firm’s systems and controls in detail as part of the audit process and provide practical recommendations for the improvement of those systems as well as reporting internally to the firm on any isolated technical breaches which the firm may want to investigate further to identify weaknesses in their procedures.
We aim to provide complete comfort to management that they have robust client money processes and controls in place and that they are meeting their legal and regulatory requirements and can sleep sound knowing that their clients’ money is safe.
Get in touch with Williamson & Croft about our CLC Audit service today
If you want to prepare for an upcoming CLC audit and are based in Manchester, Liverpool, the surrounding areas of Wigan, Bolton, Stockport, Warrington or the wider North West, then get in touch with the team here at Williamson & Croft online or by phone on 0161 399 0121.
We would be delighted to help you and your firm sail through your CLC audit, leaving you to focus on the things that matter, reassured that your client accounts are safe and have robust processes in place.