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Gibraltar law requires the following entities to prepare audited accounts:
- All “medium” or “large” private limited companies (as defined in the Gibraltar Companies Act);
- Public limited companies;
- Companies licensed by the Gibraltar Financial Services Commission or regulated by another local regulatory agency; and
- Companies whose turnover is equal to or above the threshold as defined by the Income Tax Act (2016: £1.25M).
An audit of statutory accounts provides assurance to the users of those accounts that they have been prepared in accordance with relevant accounting and regulatory standards. RSM will talk to management about their observations and findings during the audit to help the business improve its compliance and performance. Prior to commencing an audit, our audit teams will meet you to understand how your business operates, the risks it faces and how to work with you to complete an effective and high quality audit. Each of our professionals are specialised in particular sectors and industries which provides them with a deeper understanding of the unique challenges that may be faced by their clients.
Our audit methodology has been developed by our leading firms with public interest as priority. Our audit process is flexible, which enables our audit teams to modify their audit approach to better match the client needs and circumstances whilst still complying with the relevant international and national standards.
A passion for audit is at the heart of the RSM business. Our audit staff are enthused about auditing and our clients enjoy our approach.
Committed to quality and value
Producing quality audits is of paramount importance, and the key tenets of our approach are:
- Understanding your business;
- Our rigorous internal quality assurance procedures; and
- Our outstanding technical and marketplace knowledge.
An audit should be worth the money you pay for it. Our approach is aimed at delivering on this promise.
Committed to clients
The audit marketplace is continuing to change and our stance continues to be to ensure that regulation reform does not adversely affect you. We are committed to finding out what you think and surveying the business community at large.
Tailored audit approach
Our audit approach is founded on detailed risk assessments and corroborated analytical review which involves understanding what makes each individual business tick. We put robust and considered planning at the centre of our process, and involve the client at all stages.
We will assess the size and complexity of your business before we begin auditing. The audit of an owner-managed business is likely to focus on the risks associated with size and evolving management structures rather than complex accounting issues. The audit of a large listed entity is likely to focus on areas of risk arising from diversity in operations and complex transactions, which raise more complex accounting issues.