Specialist Audits

MGT Chartered Accountants are members of the Institute of Chartered Accountants in England and Wales (ICAEW) and have associated corporate partners, consultants and independent advisers in various specialist sectors in order to deliver the following services.
We are happy to undertake any of the following specialist audits and inspections.

Council of Licensed Conveyancers (CLC)

A CLC Accountants Report is required if at any point during an accounting period a member firm has held client money. The Reporting Accountant examines the accounting records to ensure compliance with the CLC Code and carries out the checks and tests as prescribed by the CLC.

The reporting accountant signs and delivers to the CLC the Accountant’s Report together with the completed checklist within six months of the end of the accounting period. Contact us to know more
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  • Solicitors Regulation Authority (SRA)

    The SRA Accountants Report is required to be submitted by the reporting accountant to the solicitor practices stating the outcome of the SRA report. The SRA places great reliance on the report to gain assurance that solicitors are complying with the Solicitors Accounts Rules and that client monies are being safeguarded.

    This SRA report is due within six months of the year end and covers a twelve month period in most cases. Contact us to know more about MGT outsourced legal function
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  • Estate and Letting Agents

    ARLA Licensed letting agents hold tenants’ and landlords’ money in a designated client account and these are subject to independent inspection. That independent inspection culminates in a report that must be submitted no later than six months after the end of the accounting period to which it relates. Contact us to know more
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  • Charities Audit & Independent Examinations

    Charities and similar organisations have a specific set of requirements, when it comes to accounts and reporting. We have many charity clients who require us to assist them with not only the preparation of their financial statements, but also their independent examination, and where required, their audit.

    The regulations of charity reporting are set out not only in the Charities Act 2011, but also in the Companies Act 2006, for certain charitable companies.

    We can also assist the Trustees with the following services:
    • Preparation of the Trustee Annual Return (TAR)
    • Advising on the content of the Annual Report
    • Assisting with the preparation of the charity accounts, be they simple receipts and payments accounts or accounts prepared under the charity SORP (Statement of Recommended Practice)
    • Undertaking an independent examination or audit of the financial records
    •  We are able to assist charitable organisations operating in a wide variety of sectors, including: 
    1. Academic Schools
    2. Local charities
    3. Housing Associations
    4. Educational Institutions
    5. The Arts
    6. Sport
    7. Voluntary Groups
    8. Religious Organisations
    9. Medical Charities 
    We can also assist with Community Interest Company (CIC) and club accounts. Contact us to know more
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  • ATOL Reporting Accountant's Scheme

    For many years now the Civil Aviation Authority (CAA) have required that ATOL licence holders submit returns certified by an accountant. The CAA have now introduced the ATOL Reporting Accountants' Scheme for all ATOL licence holders which came into effect on 01 April 2016. 

    This scheme has been developed to improve the standard of ATOL reporting and to provide assurance that any financial information submitted to them is accurate. It has been set up by the CAA in alliance with the professional accountancy bodies to ensure better ATOL Reporting.

    By their very nature the new rules will ensure that the accountants making the report are sufficiently knowledgeable about the travel industry as well as the specific requirements of the ATOL scheme.

    In order to make a report under the new rules accountants will need to be trained and designated by their professional body.  Without this training an accountant is ineligible to make a report and the CAA will not accept it.  This would, of course, seriously damage the business of any ATOL license holder. Contact us to know more
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  • Cyber Security and IT Governance Audits and Review

    This service will deliver an independent assessment of your organisation’s compliance with UK Government security objectives, policies, standards and processes, such as the HMG Security Policy Framework (SPF), 10 Steps to Cyber Security and IA Maturity Model (IAMM), and relevant industry or private-sector schemes such as ISO 27001, Cyber Essentials and the PCI DSS.
    • Carrying out security compliance audits in accordance with an appropriate methodology standard or framework
    • Identifying your organisation’s systemic trends and weaknesses in security
    • Recommending responses to audit findings and appropriate corrective actions
    • Recommending appropriate security controls and many more  Contact us to know more
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  • Service Charge Accounting and Reporting

    Most leases will require Service Charge Accounts to be reviewed by an independent accountant, although in some cases a surveyor (or managing agent) may be mentioned. The nature of the work will usually be described and will fall into two main categories, one may refer to an audit or another to a report by an accountant.

    The distinction is important, but it the wording of the lease is also critical. Many leases written around the 1980s use phrases such as “the accounts shall be audited by an independent accountant who shall certify…”

    If an audit is required reference will be made to “International Standard on Auditing 800 (ISA 800): Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose - Contact us to know more
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